On May 21, 2021, the board of Reserve Bank of India(RBI) approved the transfer of Rs 99,122 crore as surplus to the Central government for the accounting period of 9 months from July 2020 to March 2021 under the 589th virtual meeting of the Central Board of Directors of the RBI.
- The current surplus fund transfer is 50 percent higher than Rs 57,128 crore, the transfer approved in the accounting year 2019-2020.
- The board also decided to maintain the Contingency Risk Buffer at 5.50% in line with recommendations of the Bimal Jalan Committee report.
- The meeting was held under the chairmanship of Shaktikanta Das, RBI governor.
Other members of the meeting:
i.Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
ii.Other Directors of the Central Board – N. Chandrasekaran, Satish K. Marathe, S. Gurumurthy, Revathy Iyer and Prof. Sachin Chaturvedi
iii.Secretary, Department of Financial Services – Debasish Panda
iv.Secretary, Department of Economic Affairs also attended the meeting – Ajay Seth
Review under the meeting:
i.The Board discussed the RBI’s work during the transition period of 9 months (July 2020-March 2021) and approved the Annual report and accounts of the RBI for the same period.
ii.The current economic situation of India, prevailing domestic and global challenges, and recent policy measures that are taken by the RBI to reduce the impact of the second wave of COVID-19 over the economy were also reviewed under the meeting.
RBI’s Accounting year:
i.The annual report of the RBI is the statement on the state of the economy and the balance sheet of the RBI by its Board of Directors for an accounting year of RBI
ii.Now, the accounting year of RBI is reduced to 9 months – July 2020 to March 2021 as RBI has aligned its July-June accounting year with the government’s April-March fiscal year.
Recent Related News:
On April 7, 2021, RBI has enhanced the loan limits under Priority Sector Lending(PSL) for banks’ lending against Negotiable Warehouse Receipts (NWRs) / electronic Negotiable Warehouse Receipts (eNWRs) from ₹50 lakhs to ₹75 lakhs per borrower.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
