Banking | RBI to give Rs25,009 cr profit to government

Banking | RBI to give Rs25,009 cr profit to government
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First Published: Fri, Aug 14 2009. 12 01 AM IST
Updated: Fri, Aug 14 2009. 12 01 AM IST
Mumbai: The Reserve Bank of India (RBI) will transfer Rs25,009 crore of its profit for the year ended 30 June to the government. Last year, RBI transferred Rs15,011 crore. The central bank’s income comes from both foreign and domestic sources. It invests in bonds while its dollar reserves are largely invested overseas.
The higher transfer is significant because the government’s fiscal deficit is estimated at 6.8% of gross domestic product.
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First Published: Fri, Aug 14 2009. 12 01 AM IST