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RBI disposable income up 109 pc

Our Bureau

MUMBAI, Aug. 28

IN a performance many state-owned banks would be proud to emulate, the Reserve Bank of India (RBI) today announced that its net disposable income has risen by almost 109 per cent during the year ended June 30, 2000, to Rs. 9,354 crores as against Rs. 4,4 83 crores in the corresponding period of the previous year.

For the same period, the total income increased by Rs. 2,740.64 crores (14.3 per cent) to Rs. 21,960.97 crores (Rs. 19,220.33 crores). The increase was mainly due to an increase in earnings from domestic and foreign sources.

Domestic income rose by Rs. 2,532.50 crores to Rs. 15,446.24 crores (Rs. 12,913.74 crores), reflecting an increase in earnings from the sale of rupee securities, interest earnings on Ways & Means advances to Central and State Governments and loans and ad vances to banks and financial institutions and discount on Government Treasury bills.

The profit booked on the sale of rupee securities increased to Rs. 3,280.54 crores (Rs. 1,155.45 crores) on account of larger volume of open market operations (sales) coupled with higher security prices.

Total expenditure increased to Rs. 5,340.92 crores (Rs. 4,545.09 crores). According to the RBI's annual report for 1999-2000, "a sum of Rs. 9,350 crores is transferable to the Government for the year 1999-2000 as against Rs. 4,479 crores transferred duri ng the year 1998-99 inclusive of Rs. 1,479 crores each for both the years towards interest differential on special securities converted into marketable securities".

The central bank has also transferred Rs. 350 crores to the Contingency Reserve in 1999-2000 as against Rs. 300 crores in the previous year.