New Delhi: In a historic and far-reaching reform that fundamentally reshapes Delhi’s public financial management framework, the Government of NCT of Delhi today signed a landmark Memorandum of Understanding (MoU) with the Reserve Bank of India. The agreement represents a decisive break from past practices and ushers Delhi into a new era of fiscal prudence, institutional discipline, and infrastructure-led economic growth.

The MoU enables the Reserve Bank of India to function as the banker, debt manager, and financial agent of the Government of NCT of Delhi, facilitating market borrowings through State Development Loans, automatic investment of surplus cash, professional cash management, and access to low-cost liquidity facilities, strictly within the framework prescribed by the Government of India and the RBI Act. The MoU was signed at a meeting held at the Delhi Secretariat, chaired by the Chief Minister, between Reserve Bank of India and Bipul Pathak, Additional Chief Secretary (Finance) of the Delhi Government. Senior officials from the Delhi Government and the Reserve Bank of India, including Delhi Chief Secretary Rajiv Verma, were also present on the occasion.

Chief Minister Smt. Rekha Gupta, who also holds the Finance portfolio in the Delhi Government, described the MoU as a transformational milestone and a long-overdue reform that previous governments failed to initiate.

“This agreement marks a historic correction in Delhi’s financial governance. Despite being the........

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