Current Context: The Reserve Bank of India (RBI) released its annual report for 2023-24 on May 30, 2024. Here are some key highlights from the report:
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- Net Income and Balance Sheet:
- The RBI's net income surged to ₹2.11 lakh crore, significantly up from ₹87,420 crore the previous year. This increase was driven primarily by higher interest earnings from foreign securities .
- The central bank's balance sheet expanded by 11.08%, reaching ₹70.48 lakh crore as of March 31, 2024 .
- Income from Foreign and Domestic Sources:
- Income from foreign sources rose by 23.2% year-on-year to ₹1.87 lakh crore.
- Domestic net income also saw an increase of 5.7%, totaling ₹88,100 crore.
- Unclaimed Deposits:
- Unclaimed deposits with banks increased by 26% to ₹78,213 crore by the end of March 2024. These deposits are transferred to the RBI's Depositor Education and Awareness (DEA) Fund if they remain unclaimed for over 10 years.
- Operational Efficiency:
- The RBI's total expenditure dropped significantly to ₹64,694 crore from ₹1.48 lakh crore the previous year, highlighting improved operational efficiency.
- Strategic Measures:
- The RBI implemented guidelines for banks to periodically review and manage inoperative accounts and unclaimed deposits. A centralized web portal named UDGAM was developed to help depositors search for unclaimed deposits across multiple banks.
Question:
1. What was the net income of the Reserve Bank of India (RBI) for the year 2023-24?
- A) 87,420 crore
- B) 1.87 lakh crore
- C) 2.11 lakh crore
- D) 70.48 lakh crore
