The main board of Reserve Bank of India authorized transfer of Rs 99,122 crore as surplus to the Central Government for the accounting period of 9 months ended March 31, 2021.
The central board at its meeting reviewed the current economic situation, worldwide and domestic challenges and current policy steps taken by the Reserve Bank to mitigate the unfavorable impact of the second wave of COVID-19 on the economy.With the modification in the Reserve Bank's accounting year to April-March (earlier July-June), the Board went over the working of the Reserve Bank of India throughout the shift duration of nine months (July 2020-March 2021), RBI stated in a news release.
Last year, RBI's board authorized the transfer of Rs 57,128 crore as surplus to the main government for accounting year 2019-20 (July-June) Last week, Reserve Bank of India (RBI) said that the greatest toll of Covid-19 pandemic 2nd wave has remained in regards to a need shock - generally in terms of mobility, discretionary spending and employment.
The central bank kept in mind in its month-to-month publication that the revival of Covid-19 has actually dented however not incapacitated financial activity in the first half of Q1 of the present financial.
Extremely tentative at this stage, the main propensity of readily available diagnosis is that the loss of momentum is not as severe as at this time a year back, the RBI has noted.