Last month the Reserve Bank of India (RBI) had surprised many by announcing huge surplus transfer of Rs 99,122 crore to Centre for nine months ended March 31, 2021.Now it has justified the transfer suggesting that it was made possible due to .
Finance > Banks & institutions > Companies (banking) > RBI
21 May 2021
The Central Board of Directors of Reserve Bank of India at its annual meeting today approved the transfer of Rs99,122 crore as surplus to the central government for the accounting period of nine months ended 31 March 2021 (July 2020-March 2021).
The transfer will help the government s finances as the country battles a furious second coronavirus wave that has seen daily infections and deaths rise to a record level. The restrictions clamped to break the chain of infections have also put a question mark on the country s economic recovery.
RBI has decided to maintain its Contingency Risk Buffer at 5.50 per cent. The central bank is required to maintain a contingency risk buffer of 5.5-6.5 per cent of its balance sheet.
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Singapore social media outlets issue correction notice on COVID-19 variant following Kejriwal s remarks
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