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May 21, 2021

RBI Board approves transfer of Rs 99,122 crore as surplus to government

by CA Shivam Jaiswal in RBI

RBI Board approves transfer of Rs 99,122 crore as surplus to government

RBI Board approves transfer of Rs 99,122 crore as surplus to government for accounting period of nine months ended March 31, 2021:

The 589th meeting of the Central Board of Directors of Reserve Bank of India was held today under the Chairmanship of Shri Shaktikanta Das, Governor, 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) 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%.

Deputy Governors Shri Mahesh Kumar Jain, Dr. Michael Debabrata Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar and other Directors of the Central Board viz. Shri N. Chandrasekaran, Shri Satish K. Marathe, Shri S. Gurumurthy, Ms. Revathy Iyer and Prof. Sachin Chaturvedi attended the meeting. Shri Debasish Panda Secretary, Department of Financial Services and Shri Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.

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