RBI to transfer Rs 99,122 cr as dividend to govt, changes accounting year

The Reserve Bank of India (RBI) will transfer Rs 99,122 crore as surplus to the central government for the nine months ended March 31 (July 2020-March 2021), it said in a statement on Friday.   

This is much higher than what most had estimated and what the government itself had budgeted for. Finance Minister Nirmala Sitharaman had earmarked a transfer of Rs 53,511 crore.   

The transfer was approved on Friday, in the meeting of the regulator’s central board, during which the RBI’s annual report was also approved.   

The central bank has changed its accounting period, aligning it with the fiscal calendar