The Reserve Bank will transfer to the central government its surplus profit of Rs 65,876 crore, marginally lower than the amount given last year. “The (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India,” the central bank said in a statement.

The RBI had paid Rs 65,896 crore to the government for the previous year (2014-15) which came as a boon to the government in covering the deficit. The surplus transferred to the government was Rs 52,679 crore in 2013-14

• The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, chaired by Governor Raghuram Rajan.

• The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the Reserve Bank. It also discussed the draft Annual Report of the Reserve Bank for the year 2015-16.

•  Deputy Governors Urjit R Patel, R Gandhi, S S Mundra and N S Vishwanathan, the other Directors of the Central Board were present at the meeting.

• The meeting was also attended by Government nominee Director Shaktikanta Das, Secretary, Department of Economic Affairs. Arvind Subramanian, Chief Economic Adviser also attended the meeting.