Mumbai: The central board of the Reserve Bank of India on Thursday approved the transfer of Rs.65,896 crore in dividend to the government. “After discussing the issues, the board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs.65,876 crore to the Government of India. The amount was Rs.65,896 crore for the previous year...” said the RBI in a press release on Thursday. Over the past few years, the RBI has made it a practice to transfer the entire surplus generated through the central bank’s investment activities to the government. As is customary, the central pays a dividend to the government in August after closing its accounts in July.

Source: Mint August 11, 2016 11:03 UTC