Surplus: RBI to transfer Rs 87,416 crores to the Centre for 2022-23
Virendra Pandit
New Delhi: The Reserve Bank of India (RBI) has approved to transfer Rs. 87,416 crores to the Centre as surplus for 2022-23.
The central bank’s Board decided to keep the contingency risk buffer at 6 percent, the media reported on Friday.
At its meeting, the RBI’s Board reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments.
The Board also discussed the working of the RBI during the year and approved its Annual Report and accounts for the accounting year 2022-23.
A higher dividend payout is expected to help Prime Minister Narendra Modi’s government to meet its target of lowering the fiscal deficit to 5.9 percent of Gross Domestic Product (GDP) in the current financial year, as compared to 6.4 percent in 2021-22.
In 2021-22, the RBI transferred a surplus of Rs 30,307.45 crore to the Centre.
