The Reserve Bank of India (RBI) has decided to transfer a surplus of ?99,122 crore to the central government, the apex bank said on Friday. The decision to transfer the surplus was taken in the 589th meeting of the Central Board of Directors of Reserve Bank of India held today under the chairmanship of RBI governor Shaktikanta Das through video conferencing.
The Board in its meeting 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 Reserve Bank of India during the transition period of nine months (July 2020-March 2021),” RBI said in a press release.
Last year, RBI’s board approved the transfer of ? 57,128 crore as surplus to the central government for accounting year 2019-20 (July-June)
Last week, Reserve Bank of India (RBI) said that the biggest toll of Covid-19 pandemic second wave has been in terms of a demand shock – mainly in terms of mobility, discretionary spending and employment.
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