The Reserve Bank of India (RBI) will transfer on Monday its surplus profit of Rs 52,679 crore, for the year ended June 30, 2014, to the BJP led Government of India. The Central Board of Directors of the Reserve Bank of India have approved to the transfer.
The RBI follows the July-June accounting year.
According to RBI it is about 60 per cent more than the amount given last year. Last year, the RBI had transfered its Rs 33,010 crore surplus profit to the Central Government.
The amount will provide some help to the BJP led centre government, which proposes to bring down the fiscal deficit to 4.1% of GDP this fiscal from 4.5% last year.