RBI to transfer Rs 33,000 cr in surplus profit to govt

Providing relief to the government, the Reserve Bank today said it will transfer to the Centre its surplus profit of over Rs 33,000 crore, more than double the amount given last year.

"The Reserve Bank's Central Board...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 central bank said in a statement.

The amount will provide some relief to the government, which proposes to bring down the fiscal deficit to 4.8% of GDP from 4.9% last year.

The Reserve Bank follows the July-June accounting year.