RBI transfers Rs 65,876 crore surplus to government
The Reserve Bank will transfer to the central government its surplus profit of Rs 65,876 crore which is marginally lower than the amount given last year. As the (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India. The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, chaired by Governor Raghuram Rajan.
The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the Reserve Bank. It also discussed the draft Annual Report of the Reserve Bank for the year 2015-16. However, the surplus is generated through RBI's investment activities, primarily in other sovereign bonds like that of the US T-bills, which is its single largest investment source. Last year, the surplus payout was 25 % more than the previous financial year, prior to which it has been much lower.
So let's discuss some questions related to this post:
1. The Reserve Bank of India has transferred how much surplus amount to the government of India?