Central Board of RBI Approves Transfer of Rs 57,128 Crore to Centre

In 584th meeting of the Central Board chaired by governor Shaktikanta Das, RBI approved transfer of Rs 57,128 crore as surplus, to the Central Government for the fiscal year of 2019-20. As coronavirus crises affected Centre's revenue targets, government faced a high fiscal deficit of Rs 6.62 lakh crore during April-June quarter. Reserve Bank mandates for any profits made by its operation to be sent to the Centre (RBI Act, 1934).