UPSC Prelims 1998 · General Studies

Question 87: Economy and Social Development

The accounting year of the Reserve Bank of India is

aApril – March

bJuly – June

cOctober – September

dJanuary – December

AnswerThe answer is (b).

At the time of this question the accounting year of the Reserve Bank of India ran from July to June, unlike the Union Government's April-March financial year. The RBI's annual report and accounts covered that July-June period. Remember that the RBI's year differed from the government's, so the familiar April-March option was the trap.

Why each option is right or wrong

(a) April-March is the government's year, which the RBI later adopted.
(b) Right: July-June was the RBI's accounting year at the time.
(c) October-September was not the RBI's year.
(d) January-December is the calendar year, not the RBI's.

Worth knowing: The question has changed since: the RBI moved to an April-March accounting year from 2020-21, so today the answer would be (a).

Explanation: written by UPSC Grade, not by UPSC.

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Source: UPSC, Civil Services (Preliminary) Examination 1998, General Studies. UPSC's own paper isn't online; the words are from a published compilation. The paper on upsc.gov.in.