RBI Will Transfer Surplus Amount Of 99,122 Crore Rupees

RBI will transfer a surplus amount of 99,122 crore rupees to the central government, RBI board approves.

The Central Board of the Reserve Bank of India (RBI) on Friday gave its approval to the proposal to transfer a surplus amount of 99,122 crore rupees to the Central Government.

A statement issued by the central bank stated that this surplus amount would be transferred to the government for a nine-month accounting period ending on March 31, 2021.

The decision was taken in a meeting of the Central Board of Directors of the central bank chaired by RBI Governor Shaktikanta Das on Friday. The meeting took place through video conferencing.

According to an RBI release, the 589th meeting of the Central Board of Directors reviewed the current economic conditions, global and domestic challenges.

Also, the recent steps taken by the RBI to reduce the impact of the second wave of the Covid-19 on the Indian economy were also taken into consideration.

The functioning of the RBI was discussed during the change of nine months (July 2020-March 2021) in the board meeting.

It is noteworthy that Reserve Bank of India (RBI) has changed its accounting year. Now the accounting year of RBI will also be from April to March.

Earlier, RBI used to consider the accounting year of July-June. Therefore, July 2020-March 2021 was the transition period.

During the meeting, the board gave its approval to RBI’s annual report and accounts for this transition period.

Deputy Governors Mahesh Kumar Jain, Michael Devvrat Patra, M Rajeshwar Rao, T Ravi Shankar also attended the meeting.

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

Apart from these, Devashish Panda, Secretary, Department of Financial Services, and Ajay Seth, Secretary, Economic Affairs also participated.