Fiscal 2019-20 will endways 30th June 2020, while the fiscal year 2020-21 will begin on 1st July 2020, but ends on 31st March 2021.

Fiscal 2019-20 will endways 30th June 2020, while the fiscal year 2020-21 will begin on 1st July 2020, but ends on 31st March 2021. The reserve bank of India (RBI) has decided to align its fiscal year with the govt. The central board of the RBI, in its meeting in New Delhi on Saturday decided that the financial year 2021-22 for the financial institution will begin from 1st April. Fiscal 2019-20 will endways 30th June 2020, while the financial year 2020 -21 will begin on 1st July 2020, but ends on 31st March 2021. Thereafter, all financial year will start on 1st April each year.

As of now, both - the RBI and also the Government - follow the 'T plus one' system. This suggests the fiscal year spreads over two successive years. But still, there's one fundamental difference. The financial year for the govt starts on1st  April in 'T' (first year) and ends on 31st March in 'T + 1' (second year). The financial year for the RBI, however, begins on 1st July within the first year and ends on 30th June within the next year. The alignment with the govt will change the way the RBI does bookkeeping. Also, it's going to not require them to announce the interim dividend.

Also read: RBI’s 6th Bi-Monthly Monetary Policy - 2019-20