RBI To Transfer Rs 57,128 Crore As Surplus To Government For The Financial Year 2019-20

The Reserve Bank of India's Board on Friday approved the transfer of Rs 57,128 crore surplus to the Central government for FY20.

The decision was taken at the 584th meeting of the Central Board under the Chairmanship of RBI Governor Shaktikanta Das, through video conference.

"The Board reviewed the current economic situation, continued global and domestic challenges and the monetary, regulatory and other measures taken by the RBI to mitigate the economic impact of Covid-19 pandemic," RBI said in as press release.

"The Board also approved the transfer of Rs 57,128 crore as surplus to the Central government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5 per cent," the RBI said.

The meeting was attended by deputy governors - B P Kanungo, Mahesh Kumar Jain and Dr Michael Debabrata Patra - apart from other directors of the Central Board.

(With inputs from IANS)