DelhiDesk The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore as surplus to the government for the financial year 2022-23, which is much more than the budgeted estimate of Rs 48,000 crore. The central bank also decided to increase the contingency risk buffer from 5.50% to 6.00%. In its meeting, the board reviewed the global and domestic economic situation and the challenges it faces, including the impact of current global geopolitical developments. The RBI’s dividend for 2022-23 was transferred to the next year, 2023-24. The dividend increased after the Reserve Bank of India accepted the recommendations of the expert committee headed by Bimal Jalan.
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Here is the news bullets sorted by DelhiBreakings.com team.
– The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore as surplus to the government for the financial year 2022-23.
– The central board of directors also decided to increase the contingency risk buffer from 5.50% to 6.00%.
– The Board reviewed the global and domestic economic situation and the challenges it faces, including the impact of current global geopolitical developments.
– The dividend for 2022-23 was transferred to 2023-24, which is much more than what the government expected to receive.
– The sharp jump in the dividend of RBI for the year 2022-23 is likely on account of the huge forex profit earned from the sale of its forex.
– After the change in the economic structure of the Reserve Bank of India in August 2019, the dividend of RBI has become a major source of revenue for the government.
– The dividend increased after RBI accepted the recommendations of the expert committee headed by Bimal Jalan.
– Rs 2000 notes are out of circulation but will remain legal.
– The English summary states that RBI gave Rs 87,416 crore to the government.
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