New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    In FRBM Act 2003, what does ‘B’ stands for? 

    A Bank Correct Answer Incorrect Answer
    B Banking Correct Answer Incorrect Answer
    C Budget Correct Answer Incorrect Answer
    D Balance Correct Answer Incorrect Answer
    E Bharat Correct Answer Incorrect Answer

    Solution

    The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country (building revenue surplus thereafter) and bring down the fiscal deficit. 

    Practice Next

    Relevant for Exams: