The Reserve Bank of India’s Central Board of Directors on Friday approved the transfer of ₹87,416 crore as surplus to the Central government for the accounting year 2022-23. This is 188 per cent higher than previous financial year’s surplus transfer of ₹30,307 crore. The board decided to keep the Contingency Risk Buffer at 6 per cent (5.50 per cent in FY22). The board in its meeting reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments, per an RBI statement. The board also discussed the working of the Reserve Bank during April 2022 – March 2023 and approved the Annual Report and accounts of the Reserve Bank for the accounting year 2022-23.

Source: The Hindu May 20, 2023 04:20 UTC