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Economy
Mahesh

23/05/22 22:32 PM IST

RBI approves transfer of Rs 30,307 crore as surplus to Central Government for 2021-22

In News 
  • The 596th Meeting of the Central Board of Directors of Reserve Bank of India was held in Mumbai recently under the Chairmanship of Governor Shaktikanta Das, wherein the board approved the Annual Report and accounts of the Reserve Bank for the said year.
Provisions
  • The RBI, founded in 1934, operates according to the Reserve Bank of India Act of 1934. The act mandates that profits made by the central bank from its operations be sent to the Centre.
  • As the manager of its finances, every year the RBI also pays a dividend to the government to help with the finances from its surplus or profit.
  • A technical Committee of the RBI Board headed by Y H Malegam (2013), which reviewed the adequacy of reserves and surplus distribution policy, recommended a higher transfer to the government.
Source- Business Standard 

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