Second, Dr. Rangarajan and Dr. Srivastava were Chairman and member, respectively, of the Twelfth Finance Commission, which made historic contribution to the Centre-State relations. It is also noteworthy that they addressed the Sixteenth Conference of State Finance Secretaries, held at the RBI.
Third, it was Dr. Rangarajan who, in 1997, initiated the process of active interface between the Reserve Bank and the State Governments a decade ago, when he inaugurated, as the Governor of the RBI, the first Conference of State Finance Secretaries.