Money

RBI Board approves transfer of Rs 99,122 cr as surplus to government

The Reserve Bank on Friday accepted the transfer of Rs 99,122 crore as surplus to the central government for the accounting interval of 9 months ended March 31.

The resolution to transfer the surplus to the central government was taken on the meeting of the Central Board of Directors of RBI. The meeting was held via video conferencing.

The RBI Board, in accordance to a launch, additionally reviewed the present financial state of affairs, international and home challenges and up to date coverage measures taken by the Reserve Bank to mitigate the adversarial impression of the second wave of COVID-19 on the financial system.

With the change within the Reserve Bank’s accounting year to April-March (earlier July-June), the Board mentioned the working of the RBI in the course of the transition interval of 9 months (July 2020-March 2021).

During the meeting, the board, headed by Governor Shaktikanta Das, “accepted the Annual Report and accounts of the Reserve Bank for the transition interval.

“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 per cent.”

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

Other administrators of the Central Board, N Chandrasekaran, Satish Ok Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi additionally 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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