RBI to transfer Rs.28000 Crore interim Dividend to the Govt

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NewDelhi : In a big development the RBI Board today approved transfer of Rs. 28,000 Crore interim dividend to the Central government. The decision was taken at the Central Board’s post budget meeting today at the national capital which was attended by the Finance Minister Arun Jaitley.   The  Finance Minister in his address broadly outlined the various reforms and policy measures taken by the Government over the last four years and the effects thereof.

The meeting was also attended by  Shiv Pratap Shukla, Minister of State for Finance, Ajay Narayan Jha, Finance Secretary and Secretary (Expenditure), Ajay Bhushan Pandey, Secretary (Revenue) and Krishnamurthy Subramanian, Chief Economic Adviser.

“The Board continued its meeting after the interaction with the Finance Minister was over. The Board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reserve Bank. Based on a limited audit review and after applying the extant economic capital framework, the Board decided to transfer an interim surplus of Rs. 280 billion to the central government for the half-year ended December 31, 2018. This is the second successive year that the Reserve Bank will be transfering an interim surplus” RBI said in a statement.

Shaktikanta Das, Governor chaired the meeting of the Central Board. Deputy Governors Shri N. S. Vishwanathan, Dr. Viral V. Acharya, Shri B. P. Kanungo and Mahesh Kumar Jain of the Reserve Bank of India, and other Directors of the Central Board of the Reserve Bank – Bharat Doshi, Shri Sudhir Mankad, Manish Sabharwal, Dr. Prasanna Kumar Mohanty, Dilip S. Shanghvi, Satish Marathe, Swaminathan Gurumurthy, Ms. Revathy Iyer and Prof. Sachin Chaturvedi, attended the meeting. The Government directors Subhash Chandra Garg, Secretary, Department of Economic Affairs and Rajiv Kumar, Secretary, Department of Financial Services were also present.

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