RBI board approves surplus transfer of Rs 2.6 lakh crore to Centre for 2024-'25
The Reserve Bank of India's board on Friday approved a transfer of Rs 2.6 lakh crore as surplus to the Union government for the financial year 2024-'25.
Every year, the central bank pays a dividend to the government to help with the finances from its surplus or profit. It serves as a key source of revenue for the government.
This was the central bank's highest annual surplus, or dividend transferred to the government, The Indian Express reported.
The transfer comes amid global financial uncertainty and trade negotiations with the United States, which could hurt future customs duty revenues, according to Moneycontrol.
Based on the economic outlook, the central bank's board also said that it has decided to raise the Contingency Risk Buffer to 7.5%.
The buffer is a fund maintained by the Reserve Bank of India mainly for use in contingencies.
The central bank had kept the buffer at 5.5% of its balance sheet between 2018-'19 and 2021-'22 to help support the economy during tough economic conditions and withstand the impact of the Covid-19 pandemic.
As economic growth improved in 2022-'23, the buffer was raised to 6% and was increased to 6.5% in 2023-'24.
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