8 Aug 2013

RBI transfers surplus profit to Government of India

The Reserve Bank’s Central Board on 08th August 2013 approved the transfer of surplus profit to the Government of India amounting to Rs 330.10 billion for the year ended June 30, 2013 as against Rs 160.10 billion for the year ended June 30, 2012.

author dp
Team INRBonds
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The Reserve Bank’s Central Board on 08th August 2013  approved the transfer of surplus profit to the Government of India amounting to Rs 330.10 billion for the year ended June 30, 2013 as against  Rs 160.10 billion for the year ended June 30, 2012.

The government has budgeted for the transfer. In the short term the Government will be able to close out its overdraft with the RBI, which is running at around Rs 30,000 crores, making the transfer liquidity neutral.