Monday April 22, 2019
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RBI pays government Rs 66,000 crore

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Mumbai, The Reserve Bank of India (RBI) has announced that it will transfer its surplus profit of Rs.65,896 crore to the central government.

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The central board of directors of the Reserve Bank of India, at its meeting held today (Thursday), approved the transfer of surplus amounting to Rs.658.96 billion for the year ended June 30, 2015 to the Government of India,” the RBI said in a statement, following a meeting of its central board chaired by governor Raghuram Rajan.
India’s central bank, whose accounting year goes from July to June had, last year, transferred Rs.52,679 crore of its surplus profit to the government.
Besides the government nominee directors on the central board – secretary department of financial services Hasmukh Adhia and the additional secretary in the department of economic affairs, Ajay Tyagi, the board meeting was also attended by chief economic adviser (CEA) Arvind Subramanian.
At its bi-monthly monetary policy review last week, the RBI kept its repo rate, at which it lends short-term to commercial banks, unchanged at 7.25 percent.
A day before the policy review, the government clarified it was not trying to curtail the central bank’s powers on a proposed monetary policy committee of the RBI.
“We are in discussion with RBI Governor Raghuram Rajan on the form and manner of the monetary policy committee,” Finance Secretary Rajiv Mehrishi told reporters here.
Noting out that the draft Indian Financial Code (IFC) is still under the government’s consideration, he said it was incorrect to conclude on the basis of the draft bill that the government was trying to curtail the RBI’s autonomy.
The draft IFC, circulated last month as a discussion paper, proposes to remove the RBI governor’s veto right in the monetary policy committee.
Besides taking away the RBI governor’s authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI “chairperson”.
American research firm Moody’s Analytics, in a report last month, warned against the NDA government’s moves to tamper with the autonomy of the RBI in deciding on interest rates, as being potentially damaging for the economy.

(IANS)

Next Story

New Survey Indicates, Indians Worry About Terrorism, Unemployment And Corruption The Most

"At least 73 per cent Indians are optimistic that as a nation we are headed in the right direction. The global average paints a dismal image, where the majority (58 per cent) feels that they are headed in the wrong direction," the findings showed.

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The "What Worries the World Global Survey" by global market research firm Ipsos showed that 45 per cent of Indians are most worried about terrorism, 44 per cent about unemployment and jobs and 42 per cent about financial and political corruption. Pixabay

 As the country entered the seven-phase voting from April 11, a new survey said on Monday that Indians are most worried about terrorism, followed by unemployment and corruption.

The “What Worries the World Global Survey” by global market research firm Ipsos showed that 45 per cent of Indians are most worried about terrorism, 44 per cent about unemployment and jobs and 42 per cent about financial and political corruption.

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India, however, bucked the global trend of pessimism where 22 countries out of the total of the 28 markets covered in the survey felt their country is on the wrong track. Pixabay

Apart from these issues, a significant number of Indians are also concerned about crime and violence (33 per cent) and poverty and social inequality (29 per cent).

“Pulwama terror strike has propelled terrorism to the fore. It was way down in the pecking order in the past waves. Terrorism is bothering Indians most. Likewise, lack of jobs is weighing on the minds of Indians and government,” said Parijat Chakraborty, Service Line Leader, Ipsos Public Affairs, Customer Experience and Corporate Reputation.

“Similarly, more concrete steps are needed for tackling corruption. While strategies are being formulated by the government to address them, our survey shows that Indians are preoccupied with concerns around these macro issues and will like them to be mitigated,” Chakraborty added.

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Meanwhile China (94 per cent) inspires the most confidence about its national direction as 9 in 10 Chinese citizens say that the country is moving in the right direction. Pixabay

India, however, bucked the global trend of pessimism where 22 countries out of the total of the 28 markets covered in the survey felt their country is on the wrong track.

“At least 73 per cent Indians are optimistic that as a nation we are headed in the right direction. The global average paints a dismal image, where the majority (58 per cent) feels that they are headed in the wrong direction,” the findings showed.

Meanwhile China (94 per cent) inspires the most confidence about its national direction as 9 in 10 Chinese citizens say that the country is moving in the right direction.

Also Read: Ex-Afghanistan Warlord Claims, ‘No Doubt’ Pakistan ‘Supports’ Taliban
Saudi Arabia is in the second place (84 per cent), followed by India (73 per cent) and Malaysia (57 per cent).

The survey was conducted in 28 countries where 20,019 interviews were conducted between February 22-March 8. (IANS)