RBI to transfer Rs 52,679 cr surplus profit to govt

Tags: Economy
The Reserve Bank will transfer to the Centre its surplus profit of Rs 52,679 crore, about 60 per cent more than the amount given last year.

"The Central Board of Directors of the Reserve Bank of India...Approved the transfer of surplus amounting to Rs 526.79 billion for the year ended June 30, 2014 to the Government of India," the central bank said in a statement adding the transfer will take place today.

Last year, the RBI had transfered its Rs 33,010 crore surplus profit to the Centre.

The amount will provide some help to the government, which proposes to bring down the fiscal deficit to 4.1 per cent of GDP this fiscal from 4.5 per cent last year.

The Reserve Bank follows the July-June accounting year.

EDITORIAL OF THE DAY

  • Enhanced allocations are needed for research to ‘Make in India’ for India

    Even as India flaunts its ambitious ‘Make in India’ initiative from February 13, it spurs several questions.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

The importance of Indonesia

A few weeks ago, the wo­rld was shocked by a ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Bubbles Sabharwal

Social media versus real life

It’s amazing how social media brings out the best side ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture