Reserve Bank Of India to transfer Rs 87,416 to the central government as authorised by the board of the Reserve Bank of India on Friday. The contingency risk cushion was also increased from 5.5% to 6%, the central bank said in a statement.
“The board approved the transfer of ₹87,416 crore as surplus to the central government for the accounting year 2022-23 while deciding to keep the Contingency Risk Buffer at 6%,” the RBI said.
Prime Minister Narendra Modi’s government is expected to be benefited from the higher dividend payout and is expected to meet its target of lowering the fiscal deficit to 5.9% of gross domestic product in the current financial year from 6.4% a year ago.
According to an RBI statement, the Central Board of the RBI evaluated the status of the domestic and international economies, as well as the problems that go along with them, particularly the effects of recent events in world geopolitics. The board also spoke about how the Reserve Bank operated in FY23 and approved the annual report and financial statements for the fiscal year 2022–2023.
The Government will further decide where this extra cash will be used.
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Paromita Bhattacharjee
Bongaigaon Times
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