RBI Board approves transfer of Rs 99,122 crore as surplus to government
Mumbai: The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
The decision to transfer the surplus to the central government was taken at the meeting of the Central Board of Directors of RBI. The meeting was held through video conferencing.
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).
During the meeting, the board, headed by Governor Shaktikanta Das, "approved the Annual Report and accounts of the Reserve Bank for the transition period.
"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."
Deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar attended the meeting.
Other directors of the Central Board, N Chandrasekaran, Satish K Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi also attended the meeting.
Debasish Panda Secretary, Department of Financial Services and Ajay Seth, Secretary, Department of Economic Affairs too attended the meeting.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Allahabad HC orders probe into 'reinstatement' of teacher in UP's Barabanki
Lucknow (PTI): The Lucknow Bench of the Allahabad High Court on Friday ordered a probe by the special task force (STF) into alleged irregularities in the rejoining of a teacher at City Intermediate College in Barabanki, observing that the reinstatement appeared to be prima facie illegal.
The court also directed the recovery of the salary paid to the teacher during the disputed period.
A bench of Justice Rajeev Singh passed the order on a petition filed by the college management committee. The court expressed doubts over the roles of the District Inspector of Schools (DIOS), Barabanki, the college principal and the teacher concerned and hence, directed a detailed inquiry into the matter.
Taking note of alleged manipulation of records and misleading submissions, the court ordered the immediate transfer of the Barabanki DIOS to ensure a fair probe. It also directed the initiation of disciplinary proceedings against the then joint director of education of the Ayodhya division.
In its order, the court found that the teacher, Abhay Kumar, was initially appointed as an assistant teacher in 2018 but joined an Eklavya Model Residential School in Chhattisgarh as a lecturer in June 2024 without obtaining permission from the management. His subsequent request to retain the lien was rejected.
Despite this, he was allowed to rejoin the Barabanki College in September 2025 on the directions of the joint director of education and the DIOS, and was even paid the salary for October 2025. The court termed the rejoining "wholly illegal" and lacking any legal basis.
The bench also expressed concern over lapses in communication within the education department and directed the Uttar Pradesh chief secretary to ensure that official orders are communicated through email and WhatsApp as well, to prevent disputes.
The matter is next listed for hearing on May 28 when a compliance report is sought.
