RBI to transfer Rs 1.76 lakh crore to government

The Reserve Bank of India has approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government. The sum of Rs 1,76,051 crore comprises Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework.

The receipts from the RBI will give a stimulus to the government’s efforts to boost the economy from a five-year low. It is the highest-ever surplus amount transferred by the RBI to government.

Static/Current Takeaways Important For IBPS RRB PO Mains:

  • Governor of RBI: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Source: The India Today

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