RBI Board Approves Transfer Of Rs 99,122 Cr As Surplus To Government!!!

RBI Board Approves Transfer Of Rs 99,122 Cr As Surplus To Government!!!
RBI Board Approves Transfer Of Rs 99,122 Cr As Surplus To Government!!!

Reserve Bank will transfer Rs 99,122 crore as surplus to Centre for nine months ended March 31, 2021. Mumbai, May 21 (PTI) The Reserve Bank on Friday decided to transfer Rs 99,122 crore as surplus to the exchequer, which will help the government channel more resources to combat the second wave of COVID-19 pandemic. The decision to transfer the surplus amount for the accounting period of nine months ended March 31, 2021, was taken at a meeting of the central board of the RBI, held through video conferencing, under the chairmanship of Governor Shaktikanta Das

“With the change in the Reserve Bank’s accounting year to April-March (earlier July-June), the Board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020-March 2021) and 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 Buffer at 5.50%,” said the apex bank in a statement.

Highlights

  • The surplus is commonly called ‘dividend’.
  • The accounting year of RBI is truncated as the Reserve Bank of India (RBI) has aligned its July-June accounting year with the government’s April-March fiscal year.
  • The RBI has followed a July-June financial year since 1940 when it moved away from a January-December financial year.

A year before that (2018-19), the RBI had transferred Rs 1.76 lakh crore which included Rs 1.23 lakh crore as dividend and Rs 52,637 crore excess provisions identified as per the revised Economic Capital Framework (ECF).

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