RBI Board News: RBI board approves Rs 30,307 crore as surplus to the Centre for 2021-22

The contingency risk buffer has been kept at 5.5%.

The Board in its meeting reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.

“The amount of surplus to be transferred by the RBI to the Government appears to be modestly lower than the budgeted amount. However, the tax receipts are expected to substantially surpass the budgeted level, absorbing the impact of the former,” Aditi Nayar, chief economist, ICRA, said.

The Board also discussed the working of the Reserve Bank during the year April 2021 – March 2022 and approved the Annual Report and accounts of the Reserve Bank for the accounting year 2021-22.

Last year in May, RBI declared a dividend of Rs 99,122 crore for the nine-month period (July 2020 to March 2021). The dividend was paid for that period as RBI aligned its financial year with the government’s financial year.

Earlier, RBI used to follow July-June period earlier as against government’s April-March financial year.

During its meeting, the board reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.

The board also discussed the working of RBI during the year April 2021 – March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.

(With inputs from PTI)