The Reserve Bank of India (RBI) will transfer Rs50,000 crore of its surplus money to the government, the highest since 2015-16, in a partial relief for the latter struggling to replenish public sector banks.
The transfer gives the government more elbow room to infuse capital into the banks it owns. In October 2017, the government had said it would infuse Rs2.11 trillion into public sector banks through a mix of recapitalization bonds (Rs1.35 trillion), direct infusion from budgetary allocations (Rs18,000 crore) and market borrowing (Rs58,000 crore).
Source- The Livemint
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- Urjit Patel- 24th Governor of RBI, Headquarters- Mumbai, Established on- 1st April 1935, in Kolkata.