RBI to transfer Rs 30,659 crore surplus to government

The Reserve Bank of India on Thursday said it will transfer Rs 30,659 crore surplus to the government for the year ended June 30, 2017.

The Central Bank which follows the July-June year had transferred Rs 65,876 crore to the government's coffers for the year ended June 30, 2016.

According to RBI, the decision to transfer the surplus was taken by its Central Board which met here on Thursday.

"The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus to the government of India amounting to Rs 306.59 billion for the year ended June 30, 2017," the apex bank said in a statement.

The Reserve Bank's income comprises of earnings from foreign and domestic sources, with the major portion being contributed by interest receipts, complemented by relatively small amounts of income from discount, exchange, commission, etc.

The RBI Act stipulates that after making provisions for contingencies and corpus funds as defined therein, the balance profit of the apex bank is to be transferred to the central government.

--IANS

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