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

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

New Delhi: The Reserve Bank of India (RBI) on Friday (May 21) transferred an amount of Rs 99,122 crores to the Central government as surplus. The decision was taken in a meeting of the Central Board of Directors at the RBI via video conferencing. The amount was transferred for the accounting period of nine months ended March 31.

According to a press release, the RBI said, “The Board in its meeting 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.”

It added, “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.”

The meeting was attended by deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar along with directors of the Central Board, N Chandrasekaran, Satish K Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi.

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

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