Timely windfall: On RBI’s fund transfer

News Today 29.05.2021

The Reserve Bank of India’s decision to transfer ₹99,122 crore of surplus to the Centre comes as a windfall to the government, at a moment when the ferocious second wave of the COVID-19 pandemic has likely upended most projections for the economy including revenue assumptions. The payout is almost double the ₹53,511 crore that the Finance Minister had budgeted for by way of dividend receipts, including from nationalised banks and financial institutions. (Read More)

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