85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The Central Board of the Reserve Bank of India (RBI) has approved the transfer of Rs 57,128 crore as surplus to the Central Government for the accounting year 2019-20, while continuing to maintaining the Contingency Risk Buffer at 5.5 per cent.
The RBI Board had met via video conference on 14 August under the chairmanship of the central bank governor Shaktikanta Das.
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The 584th meeting of the Central Board reviewed the current economic situation with its continuing global and domestic challenges, and the monetary, regulatory and other measures that RBI has taken to mitigate the economic impact of Covid-19 pandemic.
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“The Board discussed the proposal of setting up an Innovation Hub,” said RBI chief general manager Yogesh Dayal, besides reviewing RBI operations and accounts for 2019-20.
RBI Deputy Governors B P Kanungo, Mahesh Kumar Jain and Michael Debabrata Patra attended the virtual meeting, besides nine of the 15 directors of the Central Board and the two secretaries of Department of Economic Affairs and Dept. of Financial Services.
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