At its 596th meeting held on Friday, the central board of directors of the Reserve Bank of India decided to transfer Rs 303.07 billion as surplus to the Union government for the accounting year 2021-22, while deciding to maintain the contingency risk buffer at 5.5%.
The board under the chairmanship of RBI Governor Shaktikanta Das reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments. The board also discussed the working of the RBI during April 2021-March 2022 and approved the annual report and accounts.
Deputy governors Mahesh Kumar Jain, Dr Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and other directors of the central board attended the meeting.
Commenting on the decision of the board, Aditi Nayar, Chief Economist, ICRA, said, “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.”
