On Monday, the government won and the RBI lost in what turned out to be a war of attrition that saw Governor Urjit Patel being scalped.
Result: The RBI will transfer a surplus of a little over Rs 1.76 lakh crore to the government. This includes Rs 1,23,414 crore in surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework adopted at the meeting of the Central Board.
This is over the above the RBI annual dividend that is given to the government. Last financial year, with an interim transfer of Rs 28,000 crore in February this year, the government got a total Rs 68,000 crore from the central bank. The RBI had transferred Rs 40,000 crore to the government in August 2018. This was the highest receipt from RBI in a single financial year for the government, exceeding the Rs 65,896 crore it received in FY16 and Rs 40,659 crore in FY18.
This story is from the August 27, 2019 edition of The Free Press Journal - Mumbai.
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This story is from the August 27, 2019 edition of The Free Press Journal - Mumbai.
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