RBI to do away with billion

The RBI will henceforth adopt ‘crore’ instead of ‘billion’ while presenting numbers in its balance sheets, income statements and weekly statements of affairs.

A decision to change the units was taken in the RBI’s meeting of central board of directors held on October 11, 2019 at Chandigarh. The central bank has decided to make public the minutes of the meeting of the central board within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting.

To effect this, the central government will need to approve a change in regulations.

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