Fake: RBI did not reset its financial year due to coronavirus

New Delhi, Mar 25: Is it true that the Reserve Bank of India reset its financial year owing to the coronavirus outbreak?

A message has been in circulation that says that the RBI has recommended resetting its financial year (currently July to June) in alignment with the government's financial year (Apr-Mar) from the year 2020-21.

The message suggests that this was done in the wake of the COVID-19 outbreak.

However, this has nothing to do with coronavirus and is an old recommendation.

On February 15 2020, the RBI in a press note had spoken about this decision. The note said, "the Board in its meeting reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank. The Board recommended aligning the financial year of RBI, currently July-June, with the Government's fiscal year (April-March) from the year 2020-21 and approved forwarding a proposal to the Government for its consideration.