Total Income Up 13% To Rs 24,690 Crore

Mumbai, Aug 30: | Updated: Aug 31 2002, 05:30am hrs
The Reserve Bank of Indias (RBI) total income for the year ended June 2002 increased by Rs 2,841.47 crore or 13 per cent to Rs 24,690.34 crore, thanks mainly to the profits booked on sale of rupee securities, which enabled it to pay a dividend of Rs 10,320 crore to the Centre. This is despite increase in the total expenditure of the RBI by 954.87 crore (17.1 per cent) to Rs 6,542.39 crore.

The share of domestic and foreign sources of total income was 59.6 per cent and 40.4 per cent respectively. Domestic income increased by Rs 2,941.09 crore (25 per cent) from Rs 11,762 crore in 2000-01 to Rs 14,703.88 crore in 2001-02. There was a rise of Rs 2,977.81 crore in the profits booked on sale of rupee securities alone, with the profit touching Rs 3,060.04 crore in 2001-02, against Rs 82.23 crore in the previous year, RBI said in its Annual Report.

The interest income received in the RBIs investments in G-Secs also rose by Rs 335.15 crore to Rs 9,004.25 crore in 2001-02.

However, discount earned on T-Bills declined by Rs 200.67 crore from to Rs 10.92 crore during the year as there was no acquisition of treasury bills at primary auctions by the RBI. Despite reduction in rates applicable to the ways and means advances, the interest income on these advances showed an increase of Rs 204.35 crore to Rs 952.48 crore in 2001-02 reflecting increased recourse by the Centre and state governments to this facility.

Net earnings from the deployment of foreign currency assets including gold decreased by Rs 99.62 crore (one per cent) to Rs 9,986.46 crore in 2001-02 due to lower return on investment consequent upon decline in interest rates aboroad although there was higher average level of foerign cureency assets at Rs 2,23,565 crore in 2001-02 as against Rs 1,68,577 crore in 2000-01.