RBI approves transfer of Rs 99,122 crore as surplus to Centre-Business News , Novi Reporter

RBI approves switch of Rs 99,122 crore as surplus to Centre-Enterprise Information , Novi Reporter

The RBI Board additionally reviewed the present financial state of affairs and up to date coverage measures taken to mitigate the influence of the second COVID-19 wave

RBI approves transfer of Rs 99,122 crore as surplus to Centre

Representational picture. Reuters

Mumbai: The Reserve Financial institution on Friday authorised the switch of Rs 99,122 crore as surplus to the central authorities for the accounting interval of 9 months ended 31 March.

The choice to switch the excess to the central authorities was taken on the assembly of the Central Board of Administrators of RBI. The assembly was held via video conferencing.

The RBI Board, in accordance with a launch, additionally reviewed the present financial state of affairs, international and home challenges and up to date coverage measures taken by the Reserve Financial institution to mitigate the antagonistic influence of the second wave of COVID-19 on the economic system.

With the change within the Reserve Financial institution’s accounting 12 months to April-March (earlier July-June), the Board mentioned the working of the RBI in the course of the transition interval of 9 months (July 2020-March 2021).

Through the assembly, the board, headed by Governor Shaktikanta Das, “authorised the Annual Report and accounts of the Reserve Financial institution for the transition interval.

“The Board additionally authorised the switch of Rs 99,122 crore as surplus to the central authorities for the accounting interval of 9 months ended 31 March, 2021 (July 2020-March 2021), whereas deciding to take care of the Contingency Danger Buffer at 5.50 %.”

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Deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar attended the assembly.

Different administrators of the Central Board, N Chandrasekaran, Satish Ok Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi additionally attended the assembly.

Debasish Panda Secretary, Division of Monetary Companies and Ajay Seth, Secretary, Division of Financial Affairs too attended the assembly.

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