RBI holds State Finance Secretaries conference

Mumbai, May 15 (UNI) Surplus cash balances with the States and market borrowings were among issues discussed at the 21st conference of State Finance Secretaries held by the Reserve Bank of India here today.

Today's conference aimed to take the consultative process with the states further, RBI said in a release after the conference in which finance secretaries from 22 states participated. Union Finance Secretary Dr D Subba Rao and other officials from the Union Finance Ministry also participated in the conference inaugurated by RBI Governor Y V Reddy.

RBI has been holding such conferences since 1997, twice a year.

They had provided a very useful forum for interactions among State Finance Secretaries, senior officials of Government of India, Planning Commission, Comptroller and Auditor General and the Reserve Bank of India, the release said.

The State Finance Secretaries play a key role in the development process of their respective States and strive to achieve transparency, stability, fairness and efficiency in the conduct of fiscal policies. The deliberations in the past conferences have served to arrive at a consensus on various issues in furtherance of better financial management and fiscal prudence in the States.

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