RBI Board approves transfer of Rs.57,128 cr as surplus to central government

The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20.

In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent.

These decisions were taken at the 584th meeting of RBI’s Central Board held earlier yesterday through video conferencing.

The Board, chaired by RBI Governor Shaktikanta Das, discussed



the bank’s operations in the past year and approved its annual report and statement of accounts.

It also reviewed the current economic situation, continued global as well as domestic challenges besides examining monetary, regulatory and other measures taken by the RBI to mitigate the economic impact of COVID-19 pandemic.

The Board also discussed the proposal of setting up an Innovation Hub.