RBI hands over chunk of its capital to government
The Reserve Bank of India has handed over a chunk of its capital to the government as a one-off payment, after an expert committee delivered its long-awaited report on how the central bank should share its profits.
The RBI’s central board signed off on a transfer of 1.8 trillion rupees ($24.7 billion) on August 26. The figures comprise 1.2 trillion rupees of “surplus” for the 2018–19 financial year, and 526 billion rupees from the RBI’s capital, deemed to be “excess provisions”.
The question
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