RBI triples payout to govt., to transfer ₹87,416 crore as surplus

Published - May 19, 2023 09:34 pm IST - MUMBAI

The Central Board of Directors of the Reserve Bank of India (RBI) on Friday approved the transfer of ₹87,416 crore as surplus to the Union government for the accounting year 2022-23, or almost thrice the ₹30,307 crore transferred for the previous fiscal year. The RBI’s board also decided to raise the Contingency Risk Buffer to 6%, from 5.5% in the preceding year.

The RBI’s board, which met in Mumbai under the Chairmanship of Governor Shaktikanta Das, approved the transfer after discussing the working of the central bank during the year April 2022 – March 2023.

“The Board in its meeting reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments,” the RBI said in a statement. 

It also approved the Annual Report and accounts of the Reserve Bank for the accounting year 2022-23.

Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other Directors of the Central Board, viz. Satish K. Marathe, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H. Dholakia attended the meeting.

Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.

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