Mumbai, Mar 22 (PTI) The Reserve Bank of India's (RBI) central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility.

The board also approved the bank's budget for the accounting year 2024-25, the central bank said in a statement.

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The 607th meeting of the Central Board of Directors of the RBI took place in Nagpur under the chairmanship of Governor Shaktikanta Das.

"The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility," the RBI said.

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Further, the board also discussed the RBI's activities, including the progress made in digital payments, consumer education and awareness during the current accounting year 2023-24.

Directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia attended the meeting.

Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J were also present in the meeting.

Ajay Seth, Secretary, Department of Economic Affairs, and Vivek Joshi, Secretary, Department of Financial Services, also took part in the meeting, the RBI said.

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