Last year, the apex bank transferred Rs 57,128 crore as surplus to the government for the accounting year 2019-20.
The Reserve Bank of India’s (RBI) Central Board on Friday approved the transfer of Rs 99,122 crores as surplus to the Central Government for the accounting period of nine months ended March 31, 2021. It has also decided to maintain the Contingency Risk Buffer at 5.50 percent.
The decision was taken during the 589th meeting of the Central Board of Directors of the Reserve Bank of India held through video conferencing.
“With the change in the Reserve Bank’s accounting year to April-March (earlier July-June), the Board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020-March 2021) and approved the Annual Report and accounts of the Reserve Bank for the transition period. The Board also approved the transfer of Rs 99,122 crore as surplus to the Central Government for the accounting period of nine months ended March 31, 2021 (July 2020-March 2021), while deciding to maintain the Contingency Risk Buffer at 5.50%,” said the Central bank in a statement.
Last year, the apex bank transferred Rs 57,128 crore as surplus to the government for the accounting year 2019-20.
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The year before that, the RBI transferred a record Rs 1.76 trillion, which included Rs 1.23 lakh crore as dividend and Rs 52,637 crore of excess provisions.
The Central Board in its meeting reviewed the current economic situation, global and domestic challenges, and recent policy measures taken by the Reserve Bank to mitigate the adverse impact of the second wave of COVID-19 on the economy.
The meeting was attended by Deputy Governors Shri Mahesh Kumar Jain, Dr. Michael Debabrata Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and other Directors of the Central Board viz. Shri N. Chandrasekaran, Shri Satish K. Marathe, Shri S. Gurumurthy, Ms. Revathy Iyer and Prof. Sachin Chaturvedi attended the meeting. Shri Debasish Panda Secretary, Department of Financial Services and Shri Ajay Seth, Secretary, Department of Economic Affairs.
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