RBI to transfer Rs 99,122 crore as surplus to government
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The Reserve Bank of India (RBI) has 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 to March 2021). The decision to transfer the surplus to the central government was taken at the meeting of the Central Board of Directors of RBI. It has also decided to maintain the Contingency Risk Buffer at 5.50 per cent.
As the manager of government finances, the RBI pays a dividend every year from its surplus profit. Last year, it transferred 44 per cent of its surplus to the Central government at Rs 57,128 crore. With the change in the Reserve Bank's accounting year to April-March (earlier July-June), the Board discussed the working of the RBI during the transition period of nine months (July 2020-March 2021).
The RBI 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.
