The Reserve Bank of India ( RBI) Governor Shaktikanta Das held a virtual meeting on Friday where the Board approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.

It was the 589th meeting of the Central Board.

The RBI Board, according to a release, also reviewed the current economic situation, global and domestic challenges, and recent policy measures taken by the Reserve Bank to mitigate the adverse impact of the second wave of Covid-19 on the economy.

“With the change in the Reserve Bank's accounting year to April-March (earlier July-June), the Board discussed the working of the RBI during the transition period of nine months (July 2020-March 2021),” the RBI said in a statement.

The Board also approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31, 2021 (July 2020-March 2021), while deciding to maintain the Contingency Risk Buffer at 5.50 per cent.