608th Meeting of Central Board of the Reserve Bank of India

The 608th meeting of the Central Board of Directors of the Reserve Bank of India was convened in Mumbai today under the leadership of Shri Shaktikanta Das, Governor. The Board conducted a comprehensive review of both global and domestic economic conditions, assessing associated risks. \r

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Additionally, they examined the performance of the Reserve Bank throughout the fiscal year spanning April 2023 to March 2024, and subsequently endorsed the Annual Report and Financial Statements for the year 2023-24. The determination of the transferable surplus for the fiscal year was based on the Economic Capital Framework (ECF) established on August 26, 2019, following the recommendations of the Expert Committee chaired by Dr. Bimal Jalan. The Board noted the adjustment of the Contingent Risk Buffer (CRB) in response to evolving economic dynamics: from maintaining it at 5.50% during challenging macroeconomic conditions and the Covid-19 pandemic to incrementally raising it to 6.50% for the robust FY 2023-24. \r

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Consequently, they approved the transfer of ₹2,10,874 crore as surplus to the Central Government for the accounting year 2023-24. The meeting was attended by Deputy Governors, other Directors of the Central Board, as well as representatives from the Departments of Economic Affairs and Financial Services.