RBI to transfer Rs. 52,679-cr surplus profit to Govt

 

BL 11 Aug 2014

The Reserve Bank will transfer to the Centre its surplus profit of Rs. 52,679 crore, about 60 per cent more than the amount 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 central bank said in a statement, adding that the transfer will take place today.

Last year, the RBI had transferred its Rs. 33,010-crore surplus profit to the Centre.

The amount will provide some help to the government, which proposes to bring down the fiscal deficit to 4.1 per cent of GDP this fiscal from 4.5 per cent last year.

The Reserve Bank follows the July-June accounting year.