RBI will again give financial help to Modi government

RBI will again give financial help to Modi government

New Delhi: For the nine-month accounting period of the last financial year 2020-21, the RBI has approved transfer of surplus of Rs 99,122 crore to the Central Government. The decision to transfer surplus to the central government was taken in a meeting of the central board of directors of RBI. This meeting took place through video conferencing. In the meeting, the RBI board also reviewed the current economic conditions, domestic and global challenges and the steps taken by the central bank to mitigate the effects on the economy due to the second wave of Corona.

The accounting year of the Reserve Bank is usually July-June but it has been changed to April-March. In such a situation, the board discussed the functioning of the central bank during the transition period of nine months (July 2020-March 2021) of the financial year 2020-21. The board, chaired by RBI Governor Shaktikanta Das, approved the central bank annual report and accounts for the transition period.

The board has also approved transfer of surplus of Rs 99,122 crore for a period of nine months (July 2020-March 2021), deciding to keep the contingency risk buffer at 5.5 per cent.

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