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RBI to transfer Rs 65,876 crore surplus to government

The Reserve Bank of India will transfer to the central government its surplus profit of Rs 65,876 crore, marginally lower than the amount given last year.

“The (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India,” the central bank said in a statement.

The amount was Rs 65,896 crore for the previous year.

The RBI follows the July-June accounting year.

The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, chaired by Governor Raghuram Rajan, on Thursday.

The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the RBI.

It also discussed the draft annual report of the Reserve Bank of India for the year 2015-16.

Besides deputy governors Urjit R Patel, R Gandhi, S S Mundra and N S Vishwanathan, the other directors of the Central Board were present at the meeting.

The meeting was also attended by government nominee director Shaktikanta Das, Secretary, Department of Economic Affairs.

Chief Economic Adviser Arvind Subramanian also attended the meeting.

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