GOVERNMENT GETS A GOOD BONUS

In a move that will provide a significant economic cushion to the next Union finance minister, the Reserve Bank of India (RBI) on May 22 announced a record Rs 2.11 lakh crore transfer of its surplus money for FY24 to the central government. The amount is 62 per cent higher than the previous record of Rs 1.76 lakh crore transferred in August 2019, and nearly 2.5 times the Rs 87,416 crore in FY23.

- M.G. Arun

The bonanza from the central bank-twice the Rs 1.02 lakh crore estimated by the Centre in this year's interim budget, including dividends from banks and financial institutions-came as a big relief to the jittery stock markets during election time. Following the announcement, the benchmark BSE Sensex gained 1,196.98 points, or 1.61 per cent, on May 23, to close at 75,418.04, its all-time closing high.