The Reserve Bank of India Central Board has approved transfer of Rs 99,122 crore as surplus to the central government. This will be for the accounting period of nine months ended March 31. It has also decided to maintain the Contingency Risk Buffer at 5.50 per cent.
The decision was taken during the 589th meeting of the Central Board of Directors of Reserve Bank of India on Friday held through video conferencing.
"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) and approved the Annual Report and accounts of the Reserve Bank for the transition period. 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), while deciding to maintain the Contingency Risk Buffer at 5.50%," said the apex bank in a statement.
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.
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