RBI will transfer Rs 65,876 crore surplus profits to government, lower from last year

The Reserve Bank of India (RBI) will transfer surplus profit of Rs 65,876 crore to the Indian government. RBI follows the July-June accounting year.

The amount is Rs 20 crore less than the previous year as last year the surplus profit was Rs 65,896 crore.

"The (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India," the central bank said in a statement.

The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, which was chaired by outgoing Governor Raghuram Rajan.

The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the Reserve Bank.

It also discussed the draft Annual Report of the Reserve Bank for the year 2015-16.

Besides Deputy Governors Urjit R Patel, R Gandhi, S S Mundra and N S Vishwanathan, the other Directors of the Central Board were present at the meeting.

The meeting was also attended by Government nominee Director Shaktikanta Das, Secretary, Department of Economic Affairs. Arvind Subramanian, Chief Economic Adviser also attended the meeting.