 "RBI to transfer Rs 87,416 crore to Centre as surplus for the year 2022-23")
The Reserve Bank of India (RBI) has approved to transfer Rs 87,416 crore to Centre as surplus for 2022-23. The board decided to keep the contingency risk buffer at 6 per cent. The board in its meeting reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments.
The board also discussed the working of the RBI during the year and approved the Annual Report and accounts of the Reserve Bank for the accounting year 2022-23.
A higher dividend payout is expected to help Prime Minister Narendra Modi's government to meet its target of lowering the fiscal deficit to 5.9 per cent of gross domestic product in the current financial year from 6.4 per cent a year ago.
In 2021-22, it had transferred Rs 30,307.45 crore to the Centre.