RBI to transfer Rs 52,679 crore surplus profit to government

By Sunil Fernandes
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    RBI to transfer Rs 52,679 crore surplus profit to government
    The Reserve Bank will transfer to the Centre its surplus profit of Rs 52,679 crore, about 60% 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 the transfer will take place today.

    Last year, the RBI had transfered 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% of GDP this fiscal from 4.5% last year. The Reserve Bank follows the July-June accounting year.

    PTI

    Read more about: rbi
    Story first published: Monday, August 11, 2014, 13:44 [IST]
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