RBI to transfer Rs 99,122 crore surplus to govt ANI
Updated : May 21, 2021, 3:15 pm IST
The decision was taken at 589th meeting of the RBI s central board of directors
The RBI pays a dividend every year from its surplus profit. (Photo: AA file Photo)
Mumbai: The Reserve Bank of India (RBI) on Friday decided to transfer a surplus of Rs 99,122 crore to the Central government.
The decision was taken at 589th meeting of the RBI s central board of directors. With the change in the Reserve Bank s accounting year to April to March (earlier July to June), the board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020 to March 2021) and approved the annual report and accounts of the Reserve Bank for the transition period, according to an official statement.
RBI s high surplus transfer to buffer hit on government revenues
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Last Updated: May 21, 2021, 03:11 PM IST
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Synopsis
The RBI announced a surplus transfer of 991.22 billion rupees ($13.58 billion) for the 9-month period from July 2020 to March 2021, the central bank said in a statement. The bank will move to an April to March accounting year from 2021/22, from a July to June year.
RBI to transfer Rs 99,122 crore surplus to government
The Reserve Bank of India s board approved a significantly higher than expected surplus transfer to the government on Friday but it may not be enough to cushion the damage from a crippling second wave of the novel coronavirus.
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