New Delhi, Jan. 5 -- In a historic and far-reaching reform that fundamentally reshapes Delhi's public financial management framework, the Government of NCT of Delhi on Monday 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 Chief Minister's Office said in a press release.

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 ca...