RBI transfers Rs 52,679 crore profit to government

Towards aiding the government meet its fiscal deficit target, the Reserve Bank of India (RBI) on Monday transferred it a surplus profit of Rs 52,679 crore, the central bank said.

Towards aiding the government meet its fiscal deficit target, the Reserve Bank of India (RBI) on Monday transferred it a surplus profit of Rs 52,679 crore, the central bank said.

The amount is around 60% more than the Rs 33,010 crore given last year.

"The Central Board of Directors of the Reserve Bank of India approved the transfer of surplus amounting to Rs 526.79 billion for the year ended June 30, 2014 to the Government of India," the RBI said in a statement in Mumbai.

The government proposes to bring down the fiscal deficit to 4.1% of GDP in this fiscal from 4.5% during 2013-14.