The Reserve Bank of India (RBI) will transfer ₹50,000 crore surplus to the government for the year ended June 30, 2018, the central bank said in a statement on Wednesday.
“The Central Board of Directors of the Reserve Bank of India, at its meeting held on August 8, 2018, approved the transfer of surplus amounting to ₹50,000 crore for the year ended June 30, 2018 to the Government of India,” the statement said.
The RBI follows July-June accounting year.
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Last year, the central bank transferred ₹30,659 crore surplus to the government.
The balance sheet of the Reserve Bank reflects its role in the functioning of the country’s economy largely in terms of the activities carried out in pursuance of its currency issue function as well as monetary policy and reserve management objectives, the central bank had said in its last year’s annual report.