MUMBAI: The Reserve Bank of India on Thursday introduced its third round of measures to make rupees scarce by announcing out-of-turn auctions of Rs 22,000 crore worth government bonds every Monday. The central bank's statement came even as interest rates showed signs of easing with government bonds recording their first weekly gain in nine weeks.
Earlier in the day, RBI announced that it would transfer a record surplus of Rs 33,010 crore to the government, an increase of 106% over Rs 15,010 crore in the previous year. The central bank generates its surplus largely from intervention in foreign exchange and money markets. RBI's profits are usually the highest during period of high volatility.
The decision to transfer the surplus—RBI's version of dividend—was taken at the central bank's board meeting. The meeting will be the last under outgoing governor D Subbarao. RBI also announced that governor-designate Raghuram Rajan will take charge as an officer on special duty for three weeks leading to his appointment on September 5.
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