RBI approves transfer of Rs 99,122 crore as surplus to govt for 9 months ended March

The Reserve Bank of India (RBI) has approved the transfer of nearly Rs 1 lakh crore as surplus to the government for the nine months ended March 31. The amount is significantly higher than the surplus transferred last year.

The Reserve Bank of India (RBI) has decided to transfer a surplus of Rs 99,122 crore to the central government for the accounting period of nine months ended March 31, 2021. The central bank has also decided to maintain the Contingency Risk Buffer at 5.50 per cent. The central bank took the decision to transfer the surplus in the 589th meeting of the Central Board of Directors of RBI. Other than that, the board also reviewed the current economic situation, global and domestic challenge, and recent policy measures taken by the central bank. “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,” RBI said.