Custom Search

Friday, August 24, 2012

RBI gross income jumps 43%, gives Rs 16k crore to government during 2011-12

The Reserve Bank of India transferred a surplus of Rs 16,010 crore to the government during 2011-12, 6.7% more than the previous year's Rs 15,009 crore, the central bank said in its annual report released on Thursday.

The Reserve Bank recorded a sharp rise in its income from domestic resources as it was aggressively buying bonds through its open market operations. But lower interest rates in the advanced markets resulted in a dip in income from foreign currency assets for the third consecutive year.

The Reserve Bank's earnings from the deployment of foreign currency assets (FCA) and gold fell 6.3% to Rs 9,810 crore in 2011-12. The rate of earnings on FCA and gold was lower at 1.47% in 2011-12, compared with 1.74% in 2010-11, due to the low interest rates in international markets.

The earnings from domestic sources increased by Rs 17,446 crore to Rs 33,366 crore in 2011-12, an increase of 109.6% mostly due to the combined effect of earnings from liquidity adjustment facility (LAF) operations, higher coupon receipts on an increased portfolio of government securities (on account of large scale open market operations) and profit on sale of securities.

While the central bank's gross income increased by 43.4% to Rs 53,176 crore in 2011-12, its expenditure rose by 17.1% to Rs 10,137 core. After transfers to the contingency reserve, the asset development reserve and the four statutory funds, Rs 16,010 crore was allocated for transfer to the centre.

Source: EconomicTimes


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site