Explanation:

The RBI’s accounting year is from July to June. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid . Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949. It is a member bank of the Asian Clearing Union. The banks in India follow April to March financial year and hence their annual financial information is compiled after that. RBI follows July to June financial year because RBI as a supervisor and regulator looks into the books of banks and then analyses and prepares its statutory document called as Annual Report.