INSUBCONTINENT EXCLUSIVE:
Mumbai: The Reserve Bank of India (RBI) on Friday chose to move a surplus of Rs 99,122 crore to the Central government.The choice was taken
at 589th conference 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 talked about the working of the
Reserve Bank of India throughout the transition duration of 9 months (July 2020 to March 2021) and approved the yearly report and accounts
of the Reserve Bank for the transition period, according to an official declaration
The board also approved the transfer of Rs 99,122 crore as surplus to the Central federal government for the accounting duration of nine
months ended March 31, 2021 (July 2020 to March 2021), it said.As the supervisor of federal government financial resources, the RBI pays a
dividend every year from its surplus profit
In 2015, it moved 44 per cent of its surplus to the Central government at Rs 57,128 crore.The board in its meeting also evaluated the
existing economic scenario, worldwide and domestic obstacles and current policy steps taken by the RBI to alleviate the negative impact of
Covid-19's 2nd wave on the economy
Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and other directors N Chandrasekaran, Satish K
Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi participated in the meeting.Debasish Panda, Secretary at the Department of
Financial Providers, and Ajay Seth, Secretary at the Department of Economic Affairs, were likewise present.
