RBI okays transfer of Rs 99K cr surplus to govt

Mumbai, May 21

The Reserve Bank on Friday decided to transfer Rs 99,122 crore as surplus to the exchequer, a move that will help the government to channelise more resources to combat the second wave of 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. The surplus is commonly called ‘dividend’.

The accounting year of the RBI is truncated as it has aligned its July-June accounting year with the government’s April-March fiscal year. The RBI had followed a July-June financial year since 1940, when it moved away from a January-December financial year. The RBI also decided to maintain a Contingency Risk Buffer at 5.50 per cent in line with recommendations of the Jalan committee report. — PTI