{"id":53791,"date":"2021-01-18T16:00:36","date_gmt":"2021-01-18T10:30:36","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=53791"},"modified":"2021-01-18T16:08:30","modified_gmt":"2021-01-18T10:38:30","slug":"15th-finance-commission","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/15th-finance-commission\/","title":{"rendered":"15th Finance Commission &#8211; Recommendations &#038; Report for FY 2020-21 &#8211; Read Here"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The <strong>15th Finance Commission<\/strong> (FC-XV) was constituted by the <strong>President of India<\/strong> under <strong>Article 280<\/strong> of the Constitution on 27 November 2017 to make recommendations on <strong>center-state financial relations<\/strong> for a period of <strong>five years commencing 1 April 2020<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The 15<sup>th<\/sup>\u00a0Finance Commission (<strong>Chairman: Mr. N. K. Singh<\/strong>) was required to submit two reports. \u00a0The first report, consisting of recommendations for the financial year 2020-21, was tabled in Parliament on February 1, 2020. \u00a0The final report with recommendations for the 2021-26 period will be submitted by October 30, 2020. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><span style=\"color: #3366ff;\"><b>Have a look at the RBI Grade B 2021 Online Course Offerings<\/b><\/span><\/span><\/a><\/p>\n<hr \/>\n<h2><strong><span style=\"color: #000000;\">Finance Commission<\/span><\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Finance Commission was established by the President of India in 1951 under <b>Article 280<\/b> of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. The Finance Commission (Miscellaneous Provisions) Act, 1951 additionally defines the terms of qualification, appointment, and disqualification, the term, eligibility, and powers of the Finance Commission. As per the Constitution, the Commission is appointed every five years and consists of a chairman and five other members.<\/span><\/p>\n<hr \/>\n<h3><span style=\"color: #000000;\"><strong>Functions of Finance Commission<\/strong><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><b>Distribution of net proceeds of taxes between <\/b><b>Center<\/b><b> and the States<\/b>, to be divided as per their respective contributions to the taxes.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Determine factors governing Grants-in-Aid to the states and the magnitude of the same.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">To make recommendations to the president as to the measures needed to augment the Fund of a State to supplement the resources of the panchayats and municipalities in the state on the basis of the recommendations made by the finance commission of the state.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Any other matter related to it by the president in the interest of sound finance.<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3><span style=\"color: #000000;\"><b>Qualification of Members of Finance Commission<\/b><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Chairman of a finance commission is selected from people with experience in public affairs. The other four members are selected from people who:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Are, or have been, or are qualified, as judges of a high court,<\/span><\/li>\n<li><span style=\"color: #000000;\">Have knowledge of government finances or accounts, or<\/span><\/li>\n<li><span style=\"color: #000000;\">Have had experience in administration and financial expertise; or<\/span><\/li>\n<li><span style=\"color: #000000;\">Have special knowledge of economics<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3><span style=\"color: #000000;\"><strong>15th Finance Commission<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The 15th Finance Commission has been set up in November 2017, under the leadership of N.K Singh with two full-time members \u2013 Shaktikanta Das and Anoop Singh. In addition, also Ramesh Chand and Ashok Lahiri are the two part-time members. The commission will be giving recommendations for 5 years which will be starting from April 2020. The main tasks of the commission can be broadly categorized into:-<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">1)\u00a0 Strengthen cooperative federalism<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">2)\u00a0 Improve the quality of public spending<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">3)\u00a0 Protecting fiscal stability<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">For achieving the above, it will be recommending various aspects like devolution of central pool taxes to states, the whole fiscal consolidation roadmap for the govt. finances, the definition of populist measure, monitoring criteria for the state\u2019s performance (eg. Ease of doing business), the decision regarding revenue deficit grants, etc.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"color: #000000;\"><strong>Recommendations in the Report for FY 2020-21<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\"><strong>Interim report of 15th FC: <\/strong><\/span><span style=\"color: #000000;\"><strong>Devolution of Taxes to States:\u00a0<\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Devolution of taxes to states: The share of states in the centre\u2019s taxes is recommended to be decreased from 42% during the 2015-20 period to 41% for 2020-21.\u00a0 The 1% decrease is to provide for the newly formed union territories of Jammu and Kashmir, and Ladakh from the resources of the central government. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The commission also tweaked the criteria and weights under which funds are allocated to states. It assigned 15% weight to the population of a state, down from the 17.5% allocated by the 14th Finance Commission but raised the weight under demographic performance from 10% to 12.5%.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The FFC report has introduced a new criterion, the \u201ctax effect&#8221;, for states, with 2.5% weightage, while significantly reducing the weight for income distance from 50% to 45%. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The term of the N.K. Singh-headed FFC was extended by a year in November and the panel is expected to present the final report covering financial years 2021-22 to 2025-26 by 30 October.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Oliveboard<\/strong><\/a><\/span>\u00a0users have confirmed that on an average there is a\u00a0<strong>16+ increase in Mock Test scores<\/strong>\u00a0after a user takes\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/bank-exams\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>9 Mock Tests<\/strong><\/a><\/span>\u00a0on\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Oliveboard Platform<\/strong><\/a><\/span>.\u00a0<\/span><strong>Take a <a href=\"https:\/\/www.oliveboard.in\/bank-exams\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\">Mock Test<\/span><\/a> Now.<\/strong><\/p>\n<hr \/>\n<hr \/>\n<p><span style=\"color: #000000;\"><strong>Criteria for Devolution<\/strong><\/span><\/p>\n<table width=\"286\">\n<tbody>\n<tr>\n<td width=\"166\">\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Criteria<\/strong><\/span><\/p>\n<\/td>\n<td style=\"text-align: center;\" width=\"55\"><span style=\"color: #000000;\"><strong>14th\u00a0FC<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>2015-20<\/strong><\/span><\/td>\n<td width=\"65\">\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>15th\u00a0FC<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>2020-21<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Income Distance<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">50.0<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">45.0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Population (1971)<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">17.5<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Population (2011)<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">10.0<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">15.0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Area<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">15.0<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">15.0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Forest Cover<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">7.5<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Forest and Ecology<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">&#8211;<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">10.0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Demographic Performance<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">&#8211;<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">12.5<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Tax Effort<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\">&#8211;<\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\">2.5<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"166\"><span style=\"color: #000000;\"><strong>Total<\/strong><\/span><\/td>\n<td width=\"55\"><span style=\"color: #000000;\"><strong>100<\/strong><\/span><\/td>\n<td width=\"65\"><span style=\"color: #000000;\"><strong>100<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<hr \/>\n<h4 class=\"c1\"><span style=\"color: #000000;\"><strong><span class=\"c6\">Impact of the Recommendations<\/span><\/strong><\/span><\/h4>\n<p class=\"c1\" style=\"text-align: justify;\"><span class=\"c0\" style=\"color: #000000;\"><strong>1.<\/strong> The <strong>tax share<\/strong> of most southern states, including <strong>Andhra Pradesh, Kerala, and Karnataka, has come down<\/strong>, while the share of <strong>Bihar, Madhya Pradesh, Punjab, Maharashtra, and Gujarat has gone up<\/strong>.<\/span><\/p>\n<p class=\"c1\" style=\"text-align: justify;\"><span class=\"c0\" style=\"color: #000000;\"><strong>2.<\/strong> 10 states have seen a reduction in their share in central tax devolution, according to the interim report and these states will need to carefully assess their revenue situation.<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000;\"><strong>Recommendations On Fiscal Roadmap<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>1. Fiscal deficit and debt levels:<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Commission noted that recommending a credible fiscal and debt trajectory roadmap remains problematic due to uncertainty around the economy.\u00a0 It recommended that both central and state governments should focus on debt consolidation and comply with the fiscal deficit and debt levels as per their respective Fiscal Responsibility and Budget Management (FRBM) Acts.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>2. Off-budget borrowings:<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Commission observed that financing capital expenditure through off-budget borrowings detracts from compliance with the FRBM Act.\u00a0\u00a0 It recommended that both the central and state governments should make full disclosure of extra-budgetary borrowings.\u00a0\u00a0 The outstanding extra-budgetary liabilities should be clearly identified and eliminated in a time-bound manner.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>3. The statutory framework for public financial management:<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Commission recommended forming an expert group to draft legislation to provide for a statutory framework for the sound public financial management system.\u00a0 It observed that an overarching legal fiscal framework is required which will provide for budgeting, accounting, and audit standards to be followed at all levels of government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>4. Tax capacity:<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In 2018-19, the tax revenue of state governments and central government together stood at around 17.5% of GDP.\u00a0 The Commission noted that tax revenue is far below the estimated tax capacity of the country.\u00a0 Further, India\u2019s tax capacity has largely remained unchanged since the early 1990s.\u00a0\u00a0 In contrast, tax revenue has been rising in other emerging markets.\u00a0 The Commission recommended: (i) broadening the tax base, (ii) streamlining tax rates, (iii) and increasing capacity and expertise of tax administration in all tiers of the government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>5. GST implementation:<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Commission highlighted some challenges with the implementation of the Goods and Services Tax (GST).\u00a0 These include (i) large shortfall in collections as compared to original forecast, (ii) high volatility in collections, (iii) accumulation of large integrated GST credit, (iv) glitches in invoice and input tax matching, and (v) delay in refunds.\u00a0 The Commission observed that the continuing dependence of states on compensation from the central government (21 states out of 29 states in 2018-19) for making up for the shortfall in revenue is a concern.\u00a0 It suggested that the structural implications of GST for low consumption states need to be considered<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000;\"><strong>Other Recommendations<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Financing of security-related expenditure: The ToR of the Commission required it to examine whether a separate funding mechanism for defence and internal security should be set up and if so, how it can be operationalised.\u00a0 In this regard, the Commission intends to constitute an expert group comprising representatives of the Ministries of Defence, Home Affairs, and Finance.\u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Commission noted that the Ministry of Defence proposed following measures for this purpose: (i) setting up of a non-lapsable fund, (ii) levy of a cess, (iii) monetisation of surplus land and other assets, (iv) tax-free defence bonds, and (v) utilising proceeds of disinvestment of defence public sector undertakings.\u00a0 The expert group is expected to examine these proposals or alternative funding mechanisms.<\/span><\/p>\n<hr \/>\n<h4 class=\"c1\"><span style=\"color: #000000;\"><strong><span class=\"c7\">Final FFC Report<\/span><\/strong><\/span><\/h4>\n<p class=\"c1\" style=\"text-align: justify;\"><span class=\"c0\" style=\"color: #000000;\"><strong>1.<\/strong> The term of the N.K. Singh-headed FFC was extended by a year in November and the panel is expected to present the final report covering financial years 2021-22 to 2025-26 by October 2020.<\/span><\/p>\n<p class=\"c1\" style=\"text-align: justify;\"><span class=\"c0\" style=\"color: #000000;\"><strong>2.<\/strong> The commission deferred taking a call on the contentious defence and internal security fund proposed by the Centre in the additional \u2018Terms of Reference\u2019.<\/span><\/p>\n<p class=\"c1\" style=\"text-align: justify;\"><span class=\"c0\" style=\"color: #000000;\"><strong>3.<\/strong> The report acknowledges that there is merit in ensuring a predictable and stable flow of funds for defence and internal security and this will be considered in the final report.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Some Relevant Definitions<\/strong><\/span><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>1. Income distance:<\/strong>\u00a0<\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Income distance is the distance of the state\u2019s income from the state with the highest income. \u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The income of a state has been computed as average per capita GSDP during the three-year period between 2015-16 and 2017-18. \u00a0States with lower per capita income would be given a higher share to maintain equity among states.<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>2. Demographic performance:\u00a0<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Terms of Reference (ToR) of the Commission required it to use the population data of 2011 while making recommendations. \u00a0 Accordingly, the Commission used only 2011 population data for its recommendations. \u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Demographic Performance criterion has been introduced to reward efforts made by states in controlling their population. \u00a0 It will be computed by using the reciprocal of the total fertility ratio of each state, scaled by 1971 population data. \u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">States with a lower fertility ratio will be scored higher on this criterion. \u00a0The total fertility ratio in a specific year is defined as the total number of children that would be born to each woman if she were to live to the end of her child-bearing years and give birth to children in alignment with the prevailing age-specific fertility rates.<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>3. Forest and ecology<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This criterion has been arrived at by calculating the share of a dense forest of each state in the aggregate dense forest of all the states.<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>4. Tax effort:<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This criterion has been used to reward states with higher tax collection efficiency. \u00a0 It has been computed as the ratio of the average per capita own tax revenue and the average per capita state GDP during the three-year period between 2014-15 and 2016-17.<\/span><\/p>\n<hr \/>\n<hr \/>\n<p><span style=\"color: #000000;\"><strong>Other Related Articles:\u00a0<\/strong><\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/www.oliveboard.in\/blog\/economic-survey-2019-summary\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><strong>Download Economic Survey Summary 2019-20 \u2013 Volume 1 &amp; 2<\/strong><\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.oliveboard.in\/blog\/budget-2020-live\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><strong>Union Budget 2020 Live Updates &amp; Key Highlights<\/strong><\/span><\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This was all from us in this blog of <strong>&#8220;Report of the 15th Finance Commission for FY 2020-21&#8221;<\/strong>. We will update the upcoming final report with recommendations for the 2021-26 period\u00a0here in this same article. Till then stay tuned to <a href=\"https:\/\/www.oliveboard.in\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><strong>Oliveboard<\/strong><\/span><\/a>.<\/span><\/p>\n<hr \/>\n<h2><span id=\"Study_material_for_RBI_Grade_B_2020\" style=\"color: #000000;\"><span id=\"Study_material_for_RBI_Grade_B_2020_by_Oliveboard\"><span id=\"III_What_study_material_to_follow\"><strong>Study Material for RBI Grade B 2021<\/strong><\/span><\/span><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">If you are an RBI Grade B aspirant and also a working professional and find it difficult to find enough time for your RBI Grade B Preparations, do not worry at all.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Oliveboard has come up with RBI Grade B Online Cracker Course<\/strong>\u00a0for\u00a0<strong>RBI Grade B 2020<\/strong>\u00a0Exam. Oliveboard\u2019s\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>RBI Grade B Online Course 2021<\/strong><\/a><\/span> will be your one-stop destination for all your preparation needs<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">What all the course offers you:<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span id=\"1_Course_Details\" style=\"color: #000000;\"><strong>1. Course Details<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">RBI Grade B Cracker is designed to cover the complete syllabus for the 3 most important subjects:\u00a0<strong>GA for Phase 1 and ESI + F&amp;M for Phase 2 exam.<\/strong>\u00a0Not just that, it\u00a0also includes\u00a0<strong><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Mock Tests<\/em><\/a><\/span>\u00a0&amp; Live Strategy Sessions<\/strong>\u00a0for\u00a0<strong>English, Quant &amp; Reasoning\u00a0<\/strong>for Phase 1. The course aims to complete your preparation in time for the release of the official notification.<\/span><br \/>\n<u><\/u><\/p>\n<h5><span id=\"11_Features\" style=\"color: #000000;\"><em><strong>1.1. Features:<\/strong><\/em><\/span><\/h5>\n<h5><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-68099\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/01\/daily-creative-15.png\" alt=\"RBI Grade B Online Course\" width=\"500\" height=\"625\" \/><\/a><\/h5>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\">Use Coupon Code \u2018P30\u2019 to avail a 30% discount on RBI Courses!<\/span><\/a><\/strong><\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-37460 size-full aligncenter\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2019\/05\/RBI-Exams.png\" alt=\"RBI Grade B Toppers\" width=\"523\" height=\"242\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 15th Finance Commission (FC-XV) was constituted by the President of India under Article 280 of the Constitution on 27<\/p>\n","protected":false},"author":50,"featured_media":53823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,550,2586,10226,320,10247,8661],"tags":[],"class_list":["post-53791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-nabard","category-notes","category-rbi","category-rbi-grade-b","category-rbi-sebi-nabard","category-sebi-prep","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>15th Finance Commission Report - RBI Gr. B Notes - Oliveboard<\/title>\n<meta name=\"description\" content=\"Read the report and recommendations of the 15th Finance Commission for the financial year 2020-2021 here. 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