RBI Approves Budget for Accounting Year 2026-27 at 622nd Board Meeting

The Central Board of Directors of the Reserve Bank of India met on 20 March 2026 in Patna for its 622nd meeting.  

The meeting was chaired by Governor Sanjay Malhotra. Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta and Shirish Chandra Murmu attended along with other board members and government representatives. 

During the meeting, the Board approved the RBI’s budget for the accounting year 2026–27. The budget outlines the Bank’s expected expenditure and operational requirements for the upcoming financial year. 

Economic Situation Reviewed 

The Board also discussed current global and domestic economic conditions. The review covered recent geopolitical developments and their effect on financial markets.  

Possible risks linked to these developments were examined as part of the discussion. 

Utkarsh 3.0 Framework Approved 

The Board approved the RBI’s Medium Term Strategy Framework, Utkarsh 3.0, for the period 2026-29. The framework sets out broad areas of work and internal goals for the next 3 years. It is intended to guide the Bank’s functioning across departments. 

Participation of Officials 

Reports suggest that senior officials from the government were present at the meeting. These included Anuradha Thakur, Secretary in the Department of Economic Affairs. Other members included Revathy Iyer, Sachin Chaturvedi and Ravindra H. Dholakia, who are part of the Central Board. 

Read More: Government and RBI Took Measures to Curb Fraudulent Loan Apps! 

State Borrowing Activity 

In March, state governments raised ₹45,960 crore through auctions of State Government Securities. Karnataka raised ₹10,000 crore, the highest among states. Tamil Nadu raised ₹8,000 crore, while Madhya Pradesh borrowed ₹5,800 crore through multiple securities. 

Uttar Pradesh and West Bengal each raised ₹3,500 crore. Andhra Pradesh and Haryana raised ₹3,000 crore each. Gujarat and Punjab raised ₹2,000 crore each, while Delhi and Kerala raised ₹1,000 crore each. Smaller amounts were raised by states including Mizoram and Sikkim.  

The borrowings were spread across tenors ranging from around 4 years to over 20 years. 

Conclusion 

The Board’s approvals come after a review of economic conditions and coincide with ongoing borrowing activity by states through the securities market. 

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