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<ul><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) plans to transfer ₹ 99,122 crore as surplus to the Centre for nine months ended March 31, 2021.</li><li>The surplus is considerably higher than what the RBI has put forth in the last two years. </li><li>According to the chief economist at ICRA, the funds will allow the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> to absorb the losses that it is likely to face due to the second wave of COVID-19.</li></ul>The Reserve Bank of India (RBI) will transfer ₹ 99,122 crore as surplus to the Centre for nine months ended March 31, 2021. The decision was taken at the 589th meeting of the Central Board under the chairmanship of RBI Governor Shaktikanta Das, through video conference. "The amount of surplus to be transferred by the RBI to the Government of India is considerably higher than the budgeted level," said Aditi Nayar, the chief economist at ICRA. According to her, this will offer a buffer to absorb the losses in indirect tax revenues that are anticipated in May-June 2021, related to the impact of the now widespread state lockdowns on the level of consumption on discretionary items and contact-intensive services. "Moreover, high commodity prices at a time when demand and pricing power are subdued, would dent the margins of corporates in many sectors, compressing the growth in direct tax collections," said Nayar. The RBI, in its meeting, reviewed the current economic situation, global and domestic challenges and recent policy measures taken by the Reserve Bank to mitigate the adverse impact of the second wave of Covid-19 on the economy. "The Board also approved the transfer of ₹ 99,122 crore as surplus to the Central Government for the accounting period of nine months ended March 31, 2021 (July 2020-March 2021), while deciding to maintain the Contingency Risk Buffer at 5.50 per cent," the apex institution said in a statement. (With inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-rate-of-covid-19-infections-may-be-slowing-down-but-its-economy-is-not-out-of-the-woods-yet/articleshow/82820037.cms">The latest wave of COVID-19 infections may have taken the economy back to June 2020</a> <a href="https://www.businessinsider.in/business/startups/news/esper-an-android-based-development-platform-raises-30-million-as-pandemic-accelerates-adoption-of-intelligent-devices/articleshow/82822560.cms">Esper, an Android-based development platform, raises $30 million as pandemic accelerates adoption of intelligent devices</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-for-android-is-now-available-in-india-but-it-may-be-too-little-too-late/articleshow/82821238.cms">Clubhouse for Android is now available in India, but it may be too little too late</a>

RBI is giving more money to fill the budget hole that may get bigger after the second wave of COVID-19

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RBI is giving more money to fill the budget hole that may get bigger after the second wave of COVID-19

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