Mumbai: The Reserve Bank of India (RBI) has decided to transfer Rs 87,416 crore to Union government. The Central Board of Directors of RBI has approved the proposal for transfer of this amount as surplus to the Central government for the accounting year 2022-23.
This is 188% higher than previous financial year’s surplus transfer. Last year the total surplus transfer was Rs 30,307 crore.
The board decided to keep the Contingency Risk Buffer at 6%. It was at 5.50% in last fiscal year.
RBI’s annual dividend for FY23 to be 2.4x of budgeted amount. The board also discussed the working of the Reserve Bank during April 2022 – March 2023 and approved the Annual Report and accounts of the Reserve Bank for the accounting year 2022-23.