RBI to transfer Rs.99,122 crore surplus to central government

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Mumbai: The central Board of Reserve Bank of India (RBI) has approved transfer of Rs.99,122 crore as surplus to the central government for the accounting period July 2020 to March 2021 while deciding to maintain the Contingency Risk Buffer at 5.50%.
The decision was taken at RBI central board’s 589th meeting chaired by Governor Shaktikant Das on Friday.

RBI had transferred a dividend of Rs. 57,128 crore in 2019-20 and Rs. 1.76 lakh crore in 2018-29 to the central government.

During the meeting, the board also 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.
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.

Deputy Governors Mahesh Kumar Jain, Dr. Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other Directors of the Central Board viz. N. Chandrasekaran, Satish K. Marathe, S. Gurumurthy, Ms. Revathy Iyer and Prof. Sachin Chaturvedi attended the meeting. Debasish Panda Secretary, Department of Financial Services and Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.

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