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Business EconomyPosted at: May 20 2022 4:43PM


RBI board approves transfer of Rs 30,307 cr as surplus to Govt

Mumbai, May 20 (UNI) The Central Board of Reserve Bank of India (RBI) on Friday approved transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22.
The board chaired by Governor Shaktikanta Das also decided to maintain the Contingency Risk Buffer at 5.50%.
"The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22, while deciding to maintain the Contingency Risk Buffer at 5.50%," RBI said in a statement.
Commenting on the transfer, ICRA Chief Economist Aditi Nayar said that the amount of surplus to be transferred by the RBI to the government appears to be modestly lower than the budgeted amount.
"However, the tax receipts are expected to substantially surpass the budgeted level, absorbing the impact of the former," she said.
The RBI board reviewed the current domestic and global economic situation besides the impact of recent geopolitical developments. The board also discussed the working of the central bank during the year 2021-22.
It approved the annual report and accounts of the RBI for the accounting year 2021-22.
Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other directors of the Central Board attended the meeting.
Ajay Seth, Secretary, Department of Economic Affairs and Sanjay Malhotra, Secretary, Department of Financial Services were also present in the meeting.
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