Thursday, 31 August 2017

RBI income in FY17 dips 24%, while expenses rise 108%

The Reserve Bank of India’s income for the year 2016-17 decreased by 23.56 percent while its expenditure increased by 107.84 percent, according to its annual report.

The year ended with an overall surplus of Rs 30,659 crore, a decline of 53.46 percent from Rs 65,876 crore in the previous year. This surplus was transferred as dividend to the government.

“The balance sheet size of the Reserve Bank increased marginally by 1.88 percent for the year ended June 30, 2017, RBI said in its annual report.

The balance sheet of the Reserve Bank reflects its role in the functioning of the country’s economy largely in terms of the activities carried out in pursuance of its currency issue function as well as monetary policy and reserve management objectives.

The balance sheet increased by Rs 61,083 crore from Rs 32.43 lakh crore as on June 30, 2016 to Rs 33.04 lakh crore as on June 30, 2017.

“The increase on the asset side was due to the increase in foreign investments and domestic investments by 2.70 percent and 7.45 percent, respectively, and capital contribution to the subsidiaries of the Reserve Bank. On the liability side, the increase was mainly due to increase in deposits by 76.96 percent.

Domestic assets constituted 24.32 percent while the foreign currency assets and gold (including gold held in India) constituted 75.68 percent of total assets as on June 30, 2017 as against 24.59 percent and 75.41 percent, respectively, as on June 30, 2016,” the report added.

Further, provisions of Rs 13,140 crore and Rs 50 lakh were made and transferred to Contingency Fund (CF) and Asset Development Fund (ADF), respectively.

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