Reserve Bank to transfer of Rs 99,122 crore as surplus to Central government

The Reserve Bank of India (RBI) has approved the transfer Rs 99,122 crore as surplus to the Centre for the accounting period of nine months ended 31 March 2021 (July 2020-March 2021). The decision was taken under the Chairmanship of Governor Shaktikanta Das, at the 589th meeting of the Central Board of Directors of RBI on Friday held through video conferencing.

“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.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),” the RBI said in a statement.

Last year, RBI’s board approved the transfer of ₹ 57,128 crore as surplus to the central government for accounting year 2019-20 (July-June).

The central board, according to the release, also review the current economic situation in view of the adverse impact of the second wave of COVID-19. It also looked into the global economic situation as well as the policy measures taken by the apex bank to mitigate the challenges arising from the second wave. The board also approved the Annual Report and Accounts for the transition period. The apex bank has also decided to maintain the Contingency Risk Buffer at 5.50 per cent.

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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.