To control inflation, the Reserve Bank of India (RBI) has kept the repo rate fixed at 6.5 per cent for over a year. Thanks to this, inflation is under control; The country’s inflation, which previously stood at 7 percent, has fallen below 5 percent. However, the common man’s dish is still expensive. The RBI itself has explained the reason in its annual report.
In the annual report of the RBI, not only the reason for the rise in inflation has been made clear, but also the details of the RBI’s profits, its wealth reserves and the unclaimed money lying in the banks have been shared .
Why is the common man’s dish becoming expensive?
In the Reserve Bank of India (RBI) report it is said that the main reason for the rise in inflation in the country during the financial year 2023-24 is the huge increase in prices of staple foods of the common man, that is, wheat, rice and legumes. The share of food prices in the rise in the country’s core inflation rate has been 60.3 per cent, up from just 46 per cent in 2022-23.
According to the report, uncertain supply and weak stocks have played a major role in the rise in food inflation. Because of this, the core inflation rate, which should have been 4 percent, reached close to 7 percent. Food inflation has surpassed the level of more than 8.5 percent.
78,000 crores lie unclaimed in banks
The Reserve Bank of India (RBI) report reports that a 26 per cent growth has been recorded in unclaimed money in banks. By the end of March 31, 2024, the unclaimed money lying in all banks in the country had reached Rs 78,213 crore. While on March 31, 2023, this amount was Rs 62,225 crore. The Reserve Bank has asked banks to give this money to eligible people.
In all other banks including all cooperative banks in the country, if the amount of any account holder remains without claim for 10 years or more. Then, as per RBI rules, it is considered an unclaimed amount. If this amount is not claimed, it is transferred to the Depositor Education and Awareness Fund (DEA).
RBI has an account of Rs 70 lakh crore
In its annual report, the Reserve Bank of India (RBI) also said the size of its balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore in the financial year 2023-24. Due to this, it will give a dividend of more than Rs 2 lakh crore to the central government. The size of RBI's balance sheet reached Rs 7,02,946.97 crore as on March 31, 2024. Which was Rs 63.45 lakh crore as on March 31, 2023.
The RBI has given a dividend of Rs 2.11 lakh crore to the central government for 2023-24. While in 2022-23, the RBI had given a dividend of Rs 87,416 crore to the central government. Earlier, the central bank had given the highest dividend of Rs 1.76 lakh crore in 2018-19.
