RBI's gross income rises by 55 pc in 2006-2007

By Staff
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Google Oneindia News

Mumbai, Aug 30 (UNI) The Reserve Bank's gross income increased to Rs 75,348.33 crore in 2006-07, following sale of its majority stake in the State Bank of India (SBI) to the government.

The RBI's gross income includes Rs 34,308.60 crore profit on account of profit on sale of SBI shares, the RBI disclosed in an annual report released today.

The gross income (excluding profit on sale of SBI shares) was Rs 41,039.73 crore, registering an increase of 55.9 per cent over the corresponding period previous year.

The RBI had sold its 59.73 per cent stake in SBI to the government in June this year for Rs 34,308.60 crore. The stake was transferred to ensure that the central bank does not own the institutions which it regulates.

The surplus transferable to the government for this year was Rs 45,719.60 crore. This included Rs 1,914 crore towards interest differential on special securities converted into marketable securities and Rs 34,308.60 crore through profit on sale of SBI shares.

Led by an increase in the level of foreign currency assets and hardening of global short-term interest rates, the RBI's earnings from the deployment of foreign currency assets and gold increased by Rs 10,614.96 crore, 43.3 per cent, to Rs 35,152.99 crore from Rs 24,538.03 crore during the corresponding period last year.

Total expenditure of the RBI increased by Rs 1,315.15 crore, or 22.5 per cent, to Rs 7,164,25 crore in 2006-07 from Rs 5,849.10 crore recorded in the last year.

UNI

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