Virendra Pandit
Mumbai: The Reserve Bank of India (RBI) on Friday approved the transfer of Rs.99,122 crore as surplus to the Centre for the accounting period of nine months ended March 31, 2021.
The decision was taken at the 589th meeting of the Central Board of Directors of the RBI held under the Chairmanship Shaktikanta Das, Governor, through video conferencing, according to a central bank statement.
The Board reviewed the current economic situation, global and domestic challenges, and recent policy measures taken by the RBI to mitigate the adverse impact of the second wave of Covid-19 on the economy.
With the change in the RBI’s accounting year from July-June to April-March, the Board discussed the working of the bank during the transition period of nine months (July 2020-March 2021) and approved the Annual Report and Accounts of the RBI for this period.
The Board 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 Buffer (CRB) at 5.50 percent of the bank’s economic capital.
The fresh transfer of surplus is 73.5 percent higher than the Rs.57,128 crore approved in the accounting year 2019-20.
In 2018-19, the RBI had transferred a record Rs 1.76 trillion, which included Rs 1.23 lakh crore as dividend and Rs 52,637 crore of excess provisions.
