Nirmala Sitharaman, Union Minister of Finance, addressed the Central Board of Directors of Reserve Bank of India yesterday. The Finance Minister in her address outlined the thinking behind the Union Budget 2019 and the focus areas of the Government. The Finance Minister also highlighted the importance of coordination between the RBI and Government. Complementing the Finance Minister on the Budget, the Board Members made various suggestions for the consideration of the Government.
Prior to the Finance Minister’s address, the Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank, as part of its regular proceedings. Among other matters, the Board finalised the 3-year Medium-Term Strategy document of the Reserve Bank, which covered, inter-alia, its Mission and Vision Statement. The Board also approved the Bank’s Budget for the period July 2019 - June 2020. Other matters discussed by the Board included issues related to currency management and payment systems.