The Reserve Bank of India (RBI) will transfer a surplus of Rs 99,122 crore to the government for the nine-month accounting period ended March 31, the central bank has said.
The bank also decided to maintain the contingency risk buffer at 5.5 percent. The decisions were taken at the 589th meeting of the Central Board of Directors of RBI held under the chairmanship of Governor Shaktikanta Das on May 21. The RBI is required to maintain a contingency risk buffer of 5.5-6.5 percent of its balance sheet.
“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)… 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),” RBI said.
The board reviewed the current economic situation in light of the adverse impact of the second wave of COVID-19. It also looked into the global economic situation as well as the policy measures taken by the apex bank to mitigate the challenges arising from the second wave.
The meeting was attended by RBI Governor Shaktikanta Das, Deputy Governors Mahesh Kumar Jain, Dr Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and other Directors of the Central Board including N Chandrasekaran, Satish K Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi. Debasish Panda, Secretary at Department of Financial Services and Ajay Seth, Secretary at Department of Economic Affairs also attended the meeting.
 will transfer a surplus of Rs 99,122 crore to the government for the nine-month accounting period ended March 31, the central bank has said.){kind=link}