The Reserve Bank of India nearly tripled its annual surplus transfer to the government, helping the state reap a windfall that will ease worries about any strain on its finances amid flailing asset sales.
It will transfer ₹87,416 crore as surplus for the fiscal year ended March, up from ₹30,307 crore a year earlier.
“The board approved the transfer of ₹87,416 crore as surplus to the central government for the accounting year 2022-23, while deciding to keep the contingency risk buffer at 6%,” the RBI said.
The Reserve Bank of India will transfer a surplus of ₹87,416 crore to the government for the 2022-23 accounting year, up from ₹30,307 crore in 2021-2022. The higher payout was driven by increased earnings on forex sales throughout the year, higher interest income due to lending through various windows as the benchmark repo rate climbed, and recommendations from the Bimal Jalan committee.
