Key Points
Mumbai: 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...
Better returns on forex investments in US treasuries (though the value of bonds would have fallen, which has to be charged to the contingency reserve), revaluation of forex assets and adjustments in reserves as per the Bimal Jalan committee recommendations also helped...
Lending to banks under various windows may have earned the RBI higher interest income as the benchmark repo rate against which it lends to banks had climbed 2.5 percentage points during the year...
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