RBI’s annual surplus transfer to govt up 60% at Rs52,679 crore

Transfer of surplus funds (or profits) by the Reserve Bank of India (RBI) to the central government increased nearly 60 per cent to Rs52,679 crore during the year ended 30 June 2014.

The central board of directors of the Reserve Bank at its meeting on Sunday approved the transfer of surplus amounting to Rs52,679 crore to the government account for the year ended 30 June 2014.

RBI had transferred Rs33,010 crore to the government for the year ended 30 June 2013.

The surplus transfer will be effected today, 11 August, RBI said in a release.

Besides approving the annual accounts of the Reserve Bank of India and the transfer of surplus to the central government, the board reviewed the current economic situation, global and domestic challenges and policy responses.

The announcement coincided finance minister Arun Jaitley's meeting with the central board of the Reserve Bank of India at its office in New Delhi on Sunday.

During his customary meeting with RBI officials after the presentation of the union budget 2014-15, the finance minister appraised them that the policy regime is being geared towards attaining higher growth, lower inflation and sustainable external balance in the backdrop of macro-economic challenges faced in the last two years of sub-five per cent growth and high inflation.

The finance minister mentioned that tax incentives have been expanded to promote household savings. In addition, measures are being taken to accelerate credit flow to infrastructure, encourage investments and promote agricultural growth.

Addressing the central board of the Reserve Bank of India, the finance minister also discussed about the government's financial inclusion programme. During the interactions, governor and the directors in the board of the Reserve Bank of India shared their perspectives on the union budget and the socio-economic challenges facing the country.