Correct Option (b):
The Reserve Bank of India (RBI) observes an accounting year spanning from July 1 to June 30. This fiscal cycle was adopted in 1940, transitioning from the calendar year (January–December). This specific period facilitates the alignment of the RBI's annual report and balance sheet with government planning and Union Budget schedules.
Incorrect Options:
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Option (a): The financial year for the Government of India is April–March. This is distinct from the RBI's accounting year.
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Option (c): The accounting year October–September is not followed by the Reserve Bank of India.
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Option (d): The Reserve Bank of India does not follow the calendar year (January–December) for its accounting purposes.