601st Meeting of Central Board of the Reserve Bank of India

601st Meeting of Central Board of the Reserve Bank of India: The Reserve Bank of India (RBI) held its 601st meeting in Hyderabad, presided over by Governor Shaktikanta Das, to assess current global and domestic economic conditions, as well as the associated challenges.

More About The Meeting of Central Board of the Reserve Bank of India:

According to a statement released by the RBI, during its meeting, the board evaluated the global and domestic economic scenario, as well as the associated obstacles, taking into account the influence of current global geopolitical events. Additionally, the board deliberated on the RBI’s undertakings during the ongoing 2022-23 accounting year, and approved the budget for the upcoming 2023-24 accounting year.

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Need of The Meeting of Central Board of the Reserve Bank of India:

The meeting was held against the backdrop of growing global concern about the collapse of US banks caused by aggressive monetary tightening. Despite the banking crisis, the US Federal Reserve recently raised interest rates by 25 basis points in an attempt to control inflation. The Bank of England and European Central Bank (ECB) have also raised their benchmark interest rates. However, policymakers and experts have reassured that the Indian banking system is well-positioned.