RBI annual report 2017-18: Central bank's transfer of surplus to govt rises by 63.08% to Rs 50,000 cr in FY18

Mumbai: The Reserve Bank of India (RBI) on Wednesday said transfer of surplus to the government rose by 63.08 percent to Rs 50,000 crore during the financial year ended 30 June, 2018. It had transferred a surplus of Rs 30,659 crore to the government in financial year 2016-17. The central bank transfers the surplus generated from its functions to the government at the end of each financial year, after accounting for any funds transferred to the contingency reserve or the asset development fund. It follows July-June financial year. [caption id=“attachment_4493765” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “A surplus of Rs 50,000 crore was transferred to the central government in FY18,” RBI said in its annual report for 2017-18. During 2017-18, RBI’s balance sheet increased by 9.49 percent or Rs 3.13 trillion to Rs 36.18 trillion as on 30 June, 2018, from Rs 33.04 trillion as on 30 June, 2017, the report said. The increase on the asset side was mainly due to rise in foreign investments and loans and advances by 11.25 percent and 849.55 percent, respectively, it added. On the liability side, the increase was due to increase in notes issued and other liabilities and provisions by 26.93 percent and 16.95 percent, respectively. Domestic assets constituted 23.18 percent, while the foreign currency assets and gold (including gold held in the country) constituted 76.82 percent of the total assets as on 30 June, 2018, compared with 24.32 percent and 75.68 percent, respectively, as on 30 June, 2017. During the year, the apex bank made a provision of Rs 14,190 crore and transferred it to contingency fund (CF), according to the report.