The Reserve Bank of India RBI approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021 -- 22. The central bank has decided to keep the contingency risk buffer at 5.50 per cent.
The decisions were made at the 596th meeting of the Reserve Bank of India. The meeting was held on Friday in Mumbai under the chairmanship of Shaktikanta Das, who is the governor of the central bank.
The board looked at the current economic situation, global and domestic challenges and the impact of recent geopolitical developments in its meeting. The transfer of Rs 30,307 crore as surplus to the Central Government for the accounting year 2021-22 was approved by the Board, while the Contingency Risk Buffer was maintained at 5.50%, said RBI in an official statement.
The dividend for FY 22, which will be transferred in FY 23 is much less than what the government had estimated in Budget 2022, and will be lower in FY 23. The government was expecting a dividend of 73,948 crore from the Reserve Bank of India RBI and public sector banks and financial institutions in 2022 -- 23.
Dr Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other directors of the central board are Deputy Governors Mahesh Kumar Jain, Dr. Mahesh Kumar Jain, Dr. Mahesh Kumar Jain, Dr. T. Rabi Sankar and other directors of the central board, viz. Satish K. Marathe, S. Gurumurthy, Revathy Iyer and Prof Sachin Chaturvedi attended the meeting.
Ajay Seth, Secretary, Department of Economic Affairs, and Sanjay Malhotra, Secretary, Department of Financial Services, also attended the meeting.
In May last year, the RBI declared a dividend of 99,122 crore for the nine month period from July 2020 to March 2021, and the dividend was paid for that period as RBI aligned its financial year with the government's financial year.