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RBI Approves Transfer Of Rs 2.11 Lakh Cr As Surplus to Govt

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The Reserve Bank of India (RBI) has approved the transfer of Rs 2,10,874 crore as surplus to the Central Government for the accounting year 2023-24. The same was approved during the 608th meeting of the Central Board of Directors of the Reserve Bank of India, which was held in Mumbai today.

 According to an official press release, the Board, under the Chairmanship of  RBI Governor Shaktikanta Das, decided to increase the Contingent Risk Buffer – CRB to 6.50 per cent for FY 2023-24 as the economy remains robust and resilient.

It may be recalled that the Board had decided to maintain the CRB at 5.50 per cent of the Reserve Bank’s Balance Sheet size to support growth and overall economic activity during accounting years 2018-19 to 2021-22 owing to the prevailing macroeconomic conditions and the onslaught of Covid-19 pandemic. The same was increased to 6 percent with the revival in economy in 2022-23.

The meeting was also attended by Deputy Governors Dr. Michael Debabrata Patra, Mr. M. Rajeshwar Rao, Mr. T. Rabi Sankar, Mr. Swaminathan J. and other Directors of the Central Board. Secretary, the Department of Economic Affairs, Mr. Ajay Seth, and Secretary, the Department of Financial Services, Dr. Vivek Joshi also attended the meeting.

Besides discussing and approving the Reserve Bank’s Annual Report and Financial Statements for the year 2023-24; the board also reviewed the global and domestic economic scenario, including risks to the outlook. 

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