RBI transfers Rs15,009-crore surplus profit to government

The central board of directors of the Reserve Bank of India (RBI), met in Mumbai today to review key economic, monetary and financial developments in the country.

The meeting also approved the transfer of surplus profit for the financial year amounting to Rs15,009 crore to the government of India, against Rs18,759 crore for the year ended 30 June 2010.

The meeting chaired by RBI governor D Subbarao, discussed issues such as crop loans, crop insurance, financial inclusion, cooperative banks and credit-deposit ratio in Maharashtra, RBI said in a release.

Besides deputy governors K C Chakrabarty and Subir Gokarn, the meeting of the central board was attended by economic affairs secretary R Gopalan and chief economic advisor in the finance ministry Kaushik Basu, among others.

Besides the governor and deputy governors, the central board of directors of the RBI consists of Y H Malegam, Prof U R Rao, Lakshmi Chand, H P Ranina, Suresh Neotia, Dr A Vaidyanathan, Prof M M Sharma and Sanjay Labroo were also present at the meeting.
    
A day before the board meeting, Subbarao had met officials of the Maharashtra government and bankers at a specially convened meeting of the state level bankers committee (SLBC).

RBI said the performance of commercial banks in disbursement of crop loans in Maharashtra was better than that in the previous years. However, commercial banks should strive to further improve the achievement of the increased target of crop loans this year, it said.