The Reserve Bank of India (RBI) has transferred surplus funds to the tune of Rs. 25,009 crore to the Government of India during 2008-09. This is about Rs.10,000 crore more than what it had transferred to the government in 2007-08.
The apex bank transferred surplus funds worth Rs.15,011 crore to the Government of India in 2007-08, according to figures released by the RBI for 2008-09 .
Significantly enough, there has been a consistent rise in the transfer of surplus funds from the RBI since 2004-05. From Rs. 5,400 crore in 2004-05, the transfer has risen to Rs. 8,404 crore in 2005-06 and further to Rs. 11,411 crore in 2006-07.
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Surplus funds transferred to the Government of India constituted 28.38 per cent of the apex bank's total income in 2004-05. This has risen to 41.18 per cent in 2008-09.
The surplus fund transfer from the RBI is no insignificant resource avenue for the Centre, which has gone in for a massive deficit programme to stem the slide in the GDP (gross domestic product) number and put the economy back in higher growth orbit.
Given the trend and given also the requirements of the government, the surplus transfer this year could be much higher, it is argued.
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