Reserve Bank of India transfers Rs 52,679 crore profit to government

Mumbai, Aug 11: Towards aiding the government meet its fiscal deficit target, the Reserve Bank of India (RBI) on Monday transferred it a surplus profit of Rs.52,679 crore, the central bank said. The amount is around 60 percent more than the Rs.33,010 crore given last year.

“The Central Board of Directors of the Reserve Bank of India approved the transfer of surplus amounting to Rs.526.79 billion for the year ended June 30, 2014 to the Government of India,” the RBI said in a statement here.

The government proposes to bring down the fiscal deficit to 4.1 percent of GDP in this fiscal from 4.5 percent during 2013-14.