Reserve Bank Of India To Transfer Rs 99,122 Crore As Surplus To Central Government

The central board of Reserve Bank of India approved transfer of Rs 99,122 crore as surplus to the Central Government for the accounting period of nine months ended March 31, 2021. “The central board at its meeting reviewed the current economic situation, global and domestic challenges and recent policy measures taken by the Reserve Bank to mitigate the adverse impact of the second wave of COVID-19 on the economy.

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),” RBI said in a press release. 

Last year, RBI’s board approved the transfer of Rs 57,128 crore as surplus to the central government for accounting year 2019-20 (July-June) 

Last week, Reserve Bank of India (RBI) said that the biggest toll of Covid-19 pandemic second wave has been in terms of a demand shock – mainly in terms of mobility, discretionary spending and employment. 

The central bank noted in its monthly bulletin that the resurgence of Covid-19 has dented but not debilitated economic activity in the first half of Q1 of the current fiscal. 

Although extremely tentative at this stage, the central tendency of available diagnosis is that the loss of momentum is not as severe as at this time a year ago, the RBI has noted.