RBI board approves record surplus transfer of Rs 2.69 lakh crore to Centre
Mumbai (Maharashtra) [India], May 23 (ANI): The Reserve Bank of India's (RBI's) central board has approved a record Rs 2.69 lakh crore surplus transfer to the central government for the fiscal year 2024-25.
A decision in this regard was taken in the 616th Meeting of the Central Board of the Reserve Bank of India on Friday.
This is the highest-ever surplus transfer by the RBI to the government for fiscal 2024-25 (FY25).
The RBI in the financial year ending March 2024 transferred Rs 2.1 lakh crore to the centre.
The RBI said in a statement, 'The Board thereafter approved the transfer of Rs 2,68,590.07 crore as surplus to the Central Government for the accounting year 2024-25.'
During accounting years 2018-19 to 2021-22, owing to the prevailing macroeconomic conditions and the onslaught of the Covid-19 pandemic, the Central Board had decided to maintain the CRB at 5.50 per cent of the Reserve Bank's Balance Sheet size to support growth and overall economic activity.
The CRB was increased to 6.00 per cent for FY 2022-23 and to 6.50 per cent for FY 2023-24.
'Based on the revised ECF and taking into consideration the macroeconomic assessment, the Central Board decided to further increase the CRB to 7.50 per cent,' the RBI statement added.
In its statement, the RBI added that the Central Board at the 616th Meeting reviewed the global and domestic economic scenario, including risks to the outlook.
The Board also discussed the working of the Reserve Bank during the year April 2024 - March 2025 and approved the Reserve Bank's Annual Report and Financial Statements for the year 2024-25.
Commenting on the announcement, Gaura Sengupta, Chief Economist at IDFC FIRST Bank, said, 'The RBI dividend was in line with our expectations at Rs 2.7 tn vs. last year's dividend of Rs 2.1 tn (IDFC First Bank estimate of INR 2.6 tn to Rs 3tn).'
'In the FY26 Union Budget, dividends from RBI and PSUs are budgeted at INR 2.6 tn, which implies an RBI dividend of ~INR 2.3 tn. While details have not yet been released, income has likely been supported by earnings on foreign exchange transactions,' Sengupta said. (ANI)
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