India’s c. bank approves surplus transfer of $25.3m to govt.

India’s central bank has approved a record surplus transfer of 2.11 trillion rupees ($25.35 billion) to the government for the fiscal year 2024, exceeding initial projections by more than double, Reuters reported on Wednesday.

The Modi government had expected to receive 1.02 trillion rupees in dividends from various financial institutions in 2024/25. The Reserve Bank of India’s (RBI) transfer exceeded this amount.

The FY23 surplus was 874.16 billion rupees, showing a significant increase. The RBI board also raised the contingency risk buffer (CRB) from six per cent to 6.5 per cent, indicating confidence in the economy’s resilience.

(1 United States dollar = 83.25 Indian rupees)