Reserve Bank of India's central board on Friday reviewed the global and domestic economic situation as well as the associated challenges. The 601st meeting of the Central Board of Directors of Reserve Bank of India (RBI) was held at Hyderabad under the chairmanship of Governor Shaktikanta Das.
"The board in its meeting reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments," RBI said in a statement. Further, it said, the board discussed RBI's activities during the current accounting year 2022-23. The board also approved the budget for the accounting year 2023-24.
The meeting took place in the backdrop of global concerns over failure of banks in the US amid aggressive monetary tightening. The US Federal Reserve on Wednesday hiked interest rates by 25 basis points to tame high inflation despite the banking crisis. Both, Bank of England and European Central Bank (ECB) have also raised their benchmark interest rates. Meanwhile, policy makers and experts have said that the Indian banking system is in good shape.
At the meeting on Friday, directors of RBI's central board -- Satish K Marathe, Sachin Chaturvedi, Pankaj Ramanbhai Patel and Ravindra H Dholakia -- were present. RBI Deputy Governors -- Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar -- were also present. Besides, Economic Affairs Secretary Ajay Seth, and Financial Services Secretary Vivek Joshi participated in the meeting.