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RBI sets aside more money for rainy day

By Anup Roy The Reserve Bank of India’s expenditure surged as it tucked away more money towards a contingency fund, its annual report showed , development economists said cut the central bank’s surplus and led to the smallest dividend payout in a decade to the government.

While income rose by 20.1% in the financial year to March 2022, expenditure zoomed by more than 280%, with provisions worth 1.15 trillion rupees ($14.8 billion) set aside and transferred to the contingency fund.