Reserve Bank to transfer Rs 65,896 crore surplus to Centre
Last year, the RBI had transfered Rs 52,679 crore of its surplus profit. This year, the amount is Rs 65,896 crore, which is about 25% more than the amount given last year.business Updated: Aug 14, 2015 09:17 IST
The Reserve Bank of India will transfer its surplus profit of Rs 65,896 crore to the Centre, which is about 25% more than the amount given last year.
"The Central Board of Directors of the Reserve Bank of India, at its meeting held today, approved the transfer of surplus amounting to Rs 658.96 billion for the year ended June 30, 2015 to the Government of India," the central bank said in a statement on Thursday.
Last year, the RBI had transfered Rs 52,679 crore of its surplus profit.
The Reserve Bank follows the July-June accounting year.
The 553rd meeting of the Central Board of RBI was chaired by Governor Raghuram Rajan.
RBI deputy governors Harun R Khan, Urjit Patel, R Gandhi, and SS Mundra attended the meeting. Other directors of the central board present at the meeting included Anil Kakodkar, Kiran Karnik, Nachiket Mor, YH Malegam, Dipankar Gupta, GM Rao, Ela Bhatt, Indira Rajaraman and Damodar Acharya.
The meeting was also attended by government nominee directors on the central board - Hasmukh Adhia, secretary of the Department of Financial Services, and Ajay Tyagi, additional secretary (investment) in the Department of Economic Affairs.
Arvind Subramanian, chief economic adviser also attended the board meet.