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RBI approves transfer of Rs 99,122 crore as surplus to Centre-Business News , Firstpost

RBI approves transfer of Rs 99,122 crore as surplus to Centre

The RBI Board also reviewed the current economic situation and recent policy measures taken to mitigate the impact of the second COVID-19 wave

RBI approves transfer of Rs 99,122 crore as surplus to Centre

Representational image. Reuters

Mumbai: The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended 31 March.

The decision to transfer the surplus to the central government was taken at the meeting of the Central Board of Directors of RBI. The meeting was held through video conferencing.

The RBI Board, according to a release, 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 RBI during the transition period of nine months (July 2020-March 2021).

During the meeting, the board, headed by Governor Shaktikanta Das, “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 31 March, 2021 (July 2020-March 2021), while deciding to maintain the Contingency Risk Buffer at 5.50 percent.”

Deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar attended the meeting.

Other directors of the Central Board, N Chandrasekaran, Satish K Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi also attended the meeting.

Debasish Panda Secretary, Department of Financial Services and Ajay Seth, Secretary, Department of Economic Affairs too attended the meeting.

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