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RBI decides to transfer interim surplus of Rs 28000 crore to Govt

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Finance Minister meets the Directors of the RBI Central Board

The Central Board of the Reserve Bank of India met on 18 February 2018 in New Delhi. Arun Jaitley, Union Minister of Finance addressed the post-Budget meeting of the Central Board. The Finance Minister in his address broadly outlined the various reforms and policy measures taken by the Government over the last four years and the effects thereof.

The meeting was also attended by Shiv Pratap Shukla, Minister of State for Finance, Ajay Narayan Jha, Finance Secretary and Secretary (Expenditure), Ajay Bhushan Pandey, Secretary (Revenue) and Krishnamurthy Subramanian, Chief Economic Adviser.

The Board continued its meeting after the interaction with the Finance Minister was over. The Board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reserve Bank. Based on a limited audit review and after applying the extant economic capital framework, the Board decided to transfer an interim surplus of Rs 28000 crore to the central government for the half-year ended 31 December 2018. This is the second successive year that the Reserve Bank will be transfering an interim surplus.

Shaktikanta Das, Governor chaired the meeting of the Central Board. Deputy Governors N. S. Vishwanathan, Dr. Viral V. Acharya, B. P. Kanungo and Mahesh Kumar Jain of the Reserve Bank of India, and other Directors of the Central Board of the Reserve Bank - Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Dr. Prasanna Kumar Mohanty, Dilip S. Shanghvi, Satish Marathe, Swaminathan Gurumurthy, Ms. Revathy Iyer and Prof. Sachin Chaturvedi, attended the meeting. The Government directors Subhash Chandra Garg, Secretary, Department of Economic Affairs and Rajiv Kumar, Secretary, Department of Financial Services were also present.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 18 2019. 18:34 IST