The setting up of State finance commissions, public sector borrowing requirements and the continuity of the Finance Commission were among the issues discussed by RBI Governor Shaktikanta Das and Finance Commission Chairman NK Singh here on Wednesday.

“It was felt that this was required more in view of the fiscal management requirements of the States, especially given the absence of mid-term reviews of awards granted by the Finance Commission, as it used to happen earlier with the awards granted by the Planning Commission,” said a press statement issued after the meeting.

The need for expenditure codes — especially given that expenditure norms vary from State to State — and the role of States in growth and inflation were also discussed.

The RBI made a detailed presentation to the Finance Commission on State government finances for FY20

During his two-day visit to Mumbai, the Finance Commission chief is slated to have meetings with banks, financial institutions and economists as well.