Transfer Of Rs 99,122 cr Surplus To Government Gets Approval From RBI

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The Reserve Bank has apparently given nod of approval to transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.

During the meeting, the board, headed by RBI Governor Shaktikanta Das, “approved the Annual Report and accounts of the Reserve Bank for the transition period.

“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 b at 5.50 per cent.”

The decision to transfer the surplus to the central government was taken at the meeting of the central board of directors of RBI held through video conferencing.

The RBI board, according to a release, also 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.

With the change in the Reserve Bank’s accounting year to April-March (earlier July-June), the board discussed the working of the RBI during the transition period of nine months (July 2020-March 2021).