RBI To Transfer Highest-Ever Surplus Of Rs 1.76 Lakh Cr To Govt

27 Aug 2019 11:09 AM

RBI To Transfer Highest-Ever Surplus Of Rs 1.76 Lakh Cr To Govt

Updated 27 Aug 2019 11:09 AM

Reserve Bank of India (RBI) on Monday approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit. Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising 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 (ECF), the apex bank said in a statement.

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