XI.THE RESERVE BANK'S ACCOUNTS FOR 2009-10
The balance sheet of the Reserve Bank changed significantly during the course of the year, reflecting the
impact of monetary and liquidity management operations undertaken by the Bank to manage the
recovery in growth while containing inflation. Monetary policy measures effected through increases in
the Cash Reserve Ratio (CRR) contributed to the expansion in the Bank's liabilities in the form of
banks' deposits while notes in circulation continued to dominate the liability side. Foreign currency
assets of the Bank continued to dominate on the asset side. As return on foreign assets tracked the near
zero policy rates maintained by the central banks of the advanced economies, income on such assets
declined significantly. In monetary operations, sustained period of large net absorption of liquidity
through reverse repo also involved higher net interest outgo. Reflecting these, the Bank's gross income
fell from `60,732 crore in 2008-09 to `32,884 crore in 2009-10. Gross expenditure of the Bank rose
modestly from `8,218 crore to `8,403 crore. After meeting the needs of necessary transfer to the
Contingency Reserve (CR) and the Asset Development Reserve (ADR), `18,759 crore was allocated
for transferring to the Government.
XI.1 The size of the Reserve Bank’s balance
sheet increased significantly in 2009-10 (July-June)
in response to its policy actions and market
operations. On the liability side, there was a high
growth in notes in circulation, banks’ deposits with
the Reserve Bank due to the policy driven increases
in CRR as well as deposit growth in the banking
system and the Central Government’s deposits with
the Reserve Bank. The outstanding balances
maintained by the Central Government under the
Market Stabilisation Scheme (MSS), however,
declined.
XI.2 On the asset side, there was significant
increase in Bank’s portfolio of domestic assets in
the form of government securities parked by the
banks with the Reserve Bank for availing funds
under repo. Foreign currency assets declined
largely due to valuation effect and use of a part of
such assets for purchase of gold from the IMF.
XI.3 The Reserve Bank has continued to present
its accounts covering the period July-June for the
last 70 years. The financial statements of the Bank
are prepared in accordance with the Reserve Bank
of India Act, 1934 and the notifications issued thereunder and in the form prescribed by the
Reserve Bank of India General Regulations, 1949.
The Bank presents two balance sheets. The first
one relating to the sole function of currency
management is presented as the Balance Sheet
of the Issue Department. The second one reflecting
the impact of all other functions of the Bank is
known as the Balance Sheet of the Banking
Department. The key financial results of the
Reserve Bank’s operations during the year 2009-10
(July-June) are presented in this Chapter.
INCOME
XI.4 The Reserve Bank’s assets and liabilities
reflect the outcome of its operations guided by the
overall policy objectives relating to the economy
and the financial system and not by commercial
considerations.
XI.5 The two major components of the Bank’s
income are earnings from foreign sources and
earnings from domestic sources. The net interest
receipts are augmented by relatively small amounts
of income from other sources viz., Discount
Exchange, Commission etc.
XI.6 The gross income of the Reserve Bank for
the year 2009-10 at `32,884.14 crore fell by 45.85
per cent from `60,731.98 crore in the previous year.
(Table XI.1 and Charts XI.1a and b).
Table XI.1 : Gross Income |
(Rupees crore) |
Item |
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
1 |
2 |
3 |
4 |
5 |
6 |
A. Foreign Sources |
|
|
|
|
|
Interest, Discount, Exchange |
24,538.03 |
35,152.99 |
51,883.27 |
50,796.21 |
25,102.55 |
B. Domestic Sources |
|
|
|
|
|
(i) Interest |
1,207.04 |
5,144.52 |
4,958.35 |
9,056.27 |
6,646.35 |
(ii) Profit on sale of investment in shares of SBI |
- |
34,308.60 |
- |
- |
- |
(iii) Other Earnings |
575.24 |
742.22 |
909.17 |
879.50 |
1,135.24 |
Total : [(i)+(ii)+(iii)] |
1,782.28 |
40,195.34 |
5,867.52 |
9,935.77 |
7,781.59 |
|
|
(5,886.74) |
|
|
|
C. Total Income (Gross) (A+B) |
26,320.31 |
75,348.33 |
57,750.79 |
60,731.98 |
32,884.14 |
|
|
(41,039.73) |
|
|
|
Note: Figures in parentheses indicate the amount excluding profit on sale of shares in SBI of `34,308.60 crore. |
Earnings from Foreign Sources
XI.7 The earnings from deployment of foreign
currency assets are given in Table XI.2.
XI.8 The Reserve Bank’s earnings from the
deployment of foreign currency assets and gold
decreased by `25,693.66 crore (50.58 per cent)
from `50,796.21 crore in 2008-09 to `25,102.55
crore in 2009-10 (Table XI.2). This was due to
lower yield on foreign securities and lower interest received on balances held abroad in the face of
very low interest rate environment prevailing in the
international markets. The rate of earnings on
foreign currency assets and gold was lower at 2.09
per cent in 2009-10 as compared with 4.16 per
cent in 2008-09. During the year, the Reserve
Bank changed the accounting policy for valuation
of securities, the impact of which is disclosed in
the notes to accounts. As per the revised policy,
depreciation as well as appreciation in foreign
securities is being booked as a balance sheet item
under the head “Investment Revaluation Account”
under the broad group of “Other Liabilities” in lieu
of the earlier system of depreciation being booked
to the Profit & Loss Account and appreciation
being ignored.
|
Table XI.2: Earnings from Foreign Sources |
(Rupees crore) |
Item |
As on |
Variation |
June 30, 2009 |
June 30, 2010 |
Absolute |
Per cent |
1 |
2 |
3 |
4 |
5 |
Average Foreign Currency Assets (FCA) |
12,19,693.16 |
12,03,828.90 |
(-)15,864.26 |
(-)1.30 |
Earnings (Interest, Discount, Exchange gain/loss, Capital gain/loss on securities) [a] |
51,688.38 |
25,102.55 |
(-)26,585.83 |
(-)51.43 |
Depreciation on Securities [b] |
892.17 |
- |
(-)892.17 |
(-)100.00 |
Earnings Net of Depreciation [a-b] |
50,796.21 |
25,102.55 |
(-)25,693.66 |
(-)50.58 |
Memo : |
Unrealised appreciation on Securities |
10,896.95 |
- |
(-)10,896.95 |
(-)100.00 |
Earnings as percentage of Average FCA |
4.24 |
2.09 |
|
|
Earnings (net of depreciation) as percentage of Average FCA |
4.16 |
2.09 |
|
|
Earnings from Domestic Sources
XI.9 The earnings from domestic sources
decreased from `9,935.77 crore in 2008-09 to
`7,781.59 crore in 2009-10, registering a decrease of 21.68 per cent (Table XI.3). The decline was the
combined effect of increase in coupon income on
a larger portfolio of government securities and
decrease in depreciation on securities on the one
hand and increase in net interest outgo under the LAF operations and decrease in interest earnings
on loans and advances as well as profit on sale of
securities on the other.
Table XI.3: Earnings from Domestic Sources |
(Rupees crore) |
Item |
As on |
Variation |
June 30, 2009 |
June 30, 2010 |
Absolute |
Per cent |
1 |
2 |
3 |
4 |
5 |
Domestic Assets |
1,90,652.64 |
3,88,594.36 |
1,97,941.72 |
103.82 |
Weekly Average of Domestic Assets |
1,72,220.65 |
2,25,373.78 |
53,153.13 |
30.86 |
Earnings |
9,935.77 |
7,781.59 |
(-) 2,154.18 |
(-) 21.68 |
of which: |
|
|
|
|
Interest and Other Income |
9,056.27 |
6,646.35 |
(-) 2,409.92 |
(-) 26.61 |
(i) Profit on Sale of Securities |
16,500.32 |
8,667.27 |
(-) 7,833.05 |
(-) 47.47 |
(ii) Interest on Securities [a - b] |
(-) 8,747.54 |
(-) 2,435.08 |
6,312.46 |
72.16 |
of which |
|
|
|
|
(a) Interest on Domestic Securities, LAF operations and Dividend |
8,683.11 |
13,027.82 |
4,344.71 |
50.04 |
(b) Depreciation on Securities |
17,430.65 |
15,462.90 |
(-)1,967.75 |
(-) 11.29 |
(iii) Interest on Loans and Advances |
1,254.80 |
378.97 |
(-) 875.83 |
(-) 69.80 |
(iv) Other Interest Receipts |
48.69 |
35.19 |
(-) 13.50 |
(-) 27.73 |
Other Earnings |
879.50 |
1,135.24 |
255.74 |
29.08 |
(i) Discount |
- |
- |
- |
- |
(ii) Exchange |
0.01 |
0.01 |
0.00 |
0.00 |
(iii) Commission |
778.12 |
687.08 |
(-) 91.04 |
(-) 11.70 |
(iv) Rent realised and others |
101.37 |
448.15 |
346.78 |
342.09 |
Memo: |
|
|
|
|
Earnings in percentage terms
(on average domestic assets) |
5.77 |
3.45 |
- |
- |
Table XI.4: Expenditure |
(Rupees crore) |
Item |
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
1 |
2 |
3 |
4 |
5 |
6 |
I. Interest Payment |
1,524.41 |
1,135.38 |
2.58 |
1.33 |
1.02 |
of which: |
|
|
|
|
|
Scheduled Banks |
1,523.72 |
1,134.85 |
1.90* |
0.00* |
0.00* |
II. Establishment |
919.88 |
1,425.81 |
1,430.87 |
2,448.25 |
1,986.82 |
III. Non-Establishment |
3,404.81 |
4,603.06 |
4,663.68 |
5,768.30 |
6,415.28 |
of which: |
|
|
|
|
|
a) Agency charges |
1,833.55 |
2,042.50 |
2,111.14 |
2,999.19 |
2,855.02 |
b) Security printing |
1,034.86 |
2,020.89 |
2,032.23 |
2,063.17 |
2,754.12 |
Total [I+II+III] |
5,849.10 |
7,164.25 |
6,097.13 |
8,217.88 |
8,403.12 |
* Pursuant to amendment to the Reserve Bank of India Act, 1934, interest payable on eligible CRR balances was withdrawn with effect from fortnight beginning March 31, 2007. |
EXPENDITURE
XI.10 Expenditure comprises the establishment
expenses, besides expenditure that arises in the
process of performing statutory functions of the
Bank, such as agency charges and security
printing charges. Total expenditure of the
Reserve Bank increased by `185.24 crore (2.25
per cent) from `8,217.88 crore in 2008-09 to
`8,403.12 crore in 2009-10 despite a decline of
`461.43 crore in establishment expenditure
(Table XI.4 and Chart XI.2). The increase in
expenditure was mainly on account of increase
in security printing charges.
Establishment Expenditure
XI.11 The establishment expenditure for the
year 2009-10 declined by `461.43 crore mainly
on account of the lower provisions required to
be made this year on long term employee
benefits which are computed based on actuarial
valuation. In 2008-09 there was an upward
revision in the statutory limit of gratuity amount
payable which required higher provision towards
accrued liabilities.
Non-Establishment Expenditure
XI.12 The amount of agency charges paid during
2009-10 was `2,855.02 crore as against `2,999.19
crore during 2008-09 which includes a small
component of fees paid by the Bank to the Primary
Dealers as underwriting commission. This
component decreased by `185.31 crore from
`249.45 crore in 2008-09 to `64.14 crore in 2009-10
and constituted 2.25 per cent of the agency charges
in 2009-10.
XI.13 The security printing charges (cheque,
note forms etc. ) increased substantially by
`690.95 crore (33.49 per cent) from `2,063.17
crore in 2008-09 to `2,754.12 crore in 2009-10
mainly due to increase in procurement of bank
notes by 24.7 per cent. There was also a moderate
increase (3 to 11 per cent) in the cost of printing
bank notes in different denominations.
Surplus Transferable to the Government of India
XI.14 The surplus transferable to the Government
of India for the year 2009-10 amounted to `18,759
crore, including `1,407 crore payable to the
Government towards the interest differential on
special securities converted into marketable
securities for compensating the Government for the
difference in interest expenditure which the
Government had to bear consequent on conversion
of such special securities. The position of income,
expenditure and net disposable income transferred
to the Government in the last five years is given in
Table XI.5.
Table XI.5: Trends in Gross Income, Expenditure and Net Disposable Income |
(Rupees crore) |
Item |
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
1 |
2 |
3 |
4 |
5 |
6 |
Total Income (Gross) |
26,320.31 |
41,039.73 |
57,750.79 |
60,731.98 |
32,884.14 |
|
|
(75,348.33) # |
|
|
|
Less transfer to: |
|
|
|
|
|
(i) Contingency Reserve |
10,936.42 |
20,488.97 |
33,430.74 |
26,191.40 |
5,168.39 |
(ii) Asset Development Reserve |
1,126.79 |
1,971.51 |
3,207.92 |
1,309.70 |
549.63 |
Total (i + ii) |
12,063.21 |
22,460.48 |
36,638.66 |
27,501.10 |
5,718.02 |
Total Income (Net) |
14,257.10 |
18,579.25 |
21,112.13 |
33,230.88 |
27,166.12 |
|
|
(52,887.85) # |
|
|
|
Total Expenditure |
5,849.10 |
7,164.25 |
6,097.13 |
8,217.88 |
8,403.12 |
Net Disposable Income |
8,408.00 |
11,415.00 |
15,015.00 |
25,013.00 |
18,763.00 |
|
|
(45,723.60) # |
|
|
|
Less : Transfer to Funds * |
4.00 |
4.00 |
4.00 |
4.00 |
4.00 |
Transfer of surplus to the Government |
8,404.00 |
11,411.00 |
15,011.00 |
25,009.00 |
18,759.00 |
|
|
(45,719.60) # |
|
|
|
# Figures in parentheses indicate amounts including profit on sale of shares of the State Bank of India (SBI) divested on June 29, 2007.
* An amount of Rupees one crore each has been transferred to the National Industrial Credit (Long Term Operations) Fund, National Rural Credit (Long Term Operations) Fund, National Rural Credit (Stabilisation) Fund and National Housing Credit (Long Term Operations) Fund during each of the five years. |
Internal Reserves
XI.15 Contingency Reserve represents the
amount set aside on a year-to-year basis for
meeting unexpected and unforeseen
contingencies, including depreciation in value of
securities, exchange guarantees and risks arising
out of monetary/exchange rate policy
compulsions. In order to meet the needs of internal
capital expenditure and make investments in
subsidiaries and associate institutions, a further
sum is provided and credited to the Asset
Development Reserve. The amounts of transfer
to the Contingency Reserve and the Asset
Development Reserve and the surplus transferred
to the Government as a percentage to the total
income are set out in Table XI.6.
BALANCE SHEET
XI.16 The size of the overall balance sheet of the
Bank increased noticeably during 2009-10 due to
(a) expansion of notes in circulation (liabilities of the Issue Department) and (b) increase in the
deposits of banks with the Reserve Bank (liabilities
of the Banking Department), partly reflecting the
increase in CRR. While the first component is
demand driven, the second component changes
in relation to growth in deposits as well as
monetary policy changes effected through the
instrument of CRR.
Table XI.6: Contingency and Asset Development Reserves and Surplus Transfer to the Government |
(Rupees crore) |
Item |
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
|
2 |
3 |
4 |
5 |
6 |
Total Income (Gross) |
26,320.31 |
41,039.73 * |
57,750.79 |
60,731.98 |
32,884.14 |
Transfer to Contingency Reserve |
10,936.42 |
20,488.97 |
33,430.74 |
26,191.40 |
5,168.39 |
|
(41.55) |
(49.92) |
(57.89) |
(43.13) |
(15.72) |
Transfer to Asset Development Reserve |
1,126.79 |
1,971.51 |
3,207.92 |
1,309.70 |
549.63 |
|
(4.28) |
(4.80) |
(5.55) |
(2.16) |
(1.67) |
Transfer of Surplus to the Government |
8,404.00 |
11,411.00 * |
15,011.00 |
25,009.00 |
18,759.00 |
|
(31.93) |
(27.80) |
(25.99) |
(41.18) |
(57.05) |
* Excluding profit on sale of shares of SBI.
Note : Figures in parentheses indicate proportion to the total income. |
Issue Department – Liabilities
XI.17 The liabilities of the Issue Department equal
the currency notes issued by the Government of
India before the commencement of operations of
Reserve Bank on April 1, 1935 plus the bank notes
issued by the Reserve Bank since then in terms of
Section 34(1) of the RBI Act. Notes in circulation
increased by 20 per cent over the last year.
Issue Department - Assets
XI.18 In terms of RBI Act, the eligible assets for
the Issue Department consist of gold coin & bullion,
foreign securities, rupee coin, Government
securities and internal bills of exchange. The total
holding of gold by the Reserve Bank stands at
557.75 metric tons including purchase of 200 metric
tons of gold from the IMF on November 3, 2009. A
part of gold stock is marked as assets of the Issue
Department and the remaining stock is reckoned
as assets of the Banking Department and shown under “Other Assets” in the balance sheet of the
Banking Department.
Banking Department – Liabilities
XI.19 The liabilities of the Banking Department
include the following:
(a) Capital paid-up: The Reserve Bank of India was
constituted as a private share holders’ Bank in
1935 with an initial paid-up capital of `5 crore.
The Bank was nationalised with effect from
January 1, 1949 and the entire ownership is
now vested in the Government of India. The
paid-up capital continues to be `5 crore as per
section 4 of the RBI Act.
(b) Reserve Fund: The original Reserve Fund of
`5 crore was created in terms of section 46 of
the RBI Act as contribution from the Central
Government for the currency liability of the then
sovereign government taken over by the
Reserve Bank. Thereafter, `6,495 crore was
credited to this Fund by way of gain on periodic
revaluation of gold up to October 1990, thus
taking it to `6,500 crore. Since then such
valuation gain / loss is booked in the “Currency
and Gold Revaluation Account” under the
head “Other Liabilities” in the balance sheet.
(c) National Industrial Credit (Long Term
Operations) Fund: This Fund was created on July 1, 1964 under section 46C of the RBI Act
with an initial corpus of `10 crore plus annual
contributions by the Bank for financial
assistance to eligible Financial Institutions.
Since 1992-93, only a token amount of `1 crore
each year is being contributed.
(d) National Housing Credit (Long Term
Operations) Fund: This Fund was created in
January 1989 under section 46D of the RBI Act
with an initial corpus of `50 crore plus annual
contributions by the Bank thereafter for
extending financial accommodation to the
National Housing Bank. Since 1992-93, only a
token amount of `1 crore each year is being
contributed.
There are two other Funds viz. National Rural
Credit (Long Term Operations) Fund and
National Rural Credit (Stabilisation) Fund
constituted under section 46A of the RBI Act
which are now placed with the National Bank
for Agriculture and Rural Development. A token
contribution of `1 crore is made each year to
each of these two Funds.
(e) Deposits: These represent the cash balances
with the Reserve Bank of the Central and the
State Governments, banks, all India financial
institutions such as EXIM Bank, NABARD etc.,
foreign central banks, international financial
institutions, the balance in different accounts
relating to the Employees’ Provident Fund,
Gratuity and Superannuation Funds.
(f) Bills payable: This represents Demand Drafts
(DDs) and Payment Orders outstanding for
payment and balances under the Remittance
Clearance Account pending encashment of the
DDs issued.
(g) Other Liabilities: Internal reserves and
provisions of the Reserve Bank are the major
components of other liabilities. In terms of
specific sub-heads, other liabilities include
balances lying in Contingency Reserve (CR),
Asset Development Reserve (ADR), Currency
and Gold Revaluation Account (CGRA), Exchange Equalisation Account (EEA),
Investment Revaluation Account (IRA) and also
the surplus pending transfer to the Government
and provision for outstanding expenses. Other
liabilities decreased from `3,95,707.55 crore
as on June 30, 2009 crore to `3,28,809.36
crore as on June 30, 2010 .
XI.20 The Contingency Reserve and the Asset
Development Reserve reflected in “Other Liabilities”
are in addition to the ‘Reserve Fund’ of `6,500 crore
held by the Reserve Bank as a distinct balance
sheet head.
Currency and Gold Revaluation Account
(CGRA), Exchange Equalisation Account (EEA)
and Investment Revaluation Account (IRA)
XI.21 Gains / losses on valuation of foreign
currency assets and gold due to movements in the
exchange rates and / or prices of gold are not taken
to the Profit and Loss Account but instead booked
as a balance sheet item named as the Currency
and Gold Revaluation Account (CGRA). The
balance in this account represents accumulated net
gain on such valuation of foreign currency assets
and gold. During 2009-10, the balances in CGRA
declined by `79,708.05 crore, decreasing its
balance from `1,98,842.03 crore as on June 30,
2009 to `1,19,133.98 crore as on June 30, 2010.
The decrease was mainly on account of
appreciation of the Indian Rupee against the US
dollar and depreciation of other currencies against
the US dollar.
XI.22 The balance in the Exchange Equalisation
Account (EEA) represents provision made for
exchange losses that could arise from forward
commitments. The balance in EEA as on June 30,
2010 stood at `18.87 crore.
XI.23 As per the revised policy, the Reserve Bank
has started valuing foreign dated securities at
market price prevailing on the last business day of
each month and appreciation/depreciation, as the
case may be, is being adjusted against the balance
held in the Investment Revaluation Account (IRA).
The balance in IRA as on June 30, 2010 stood at
`9,370.96 crore. The balances in CGRA, EEA and
IRA are grouped under “Other Liabilities” in the
balance sheet (Table XI.7).
Table XI.7: Balances in CGRA |
(Rupees crore) |
As on June 30 |
CGRA |
EEA |
IRA |
1 |
2 |
3 |
4 |
2006 |
86,789.18 |
3.28 |
- |
2007 |
21,723.52 |
9.68 |
- |
2008 |
1,63,211.83 |
0.00 |
- |
2009 |
1,98,842.03 |
26.98 |
- |
2010 |
1,19,133.98 |
18.87 |
9,370.96 |
Contingency Reserve
XI.24 The Reserve Bank maintains a
Contingency Reserve (CR) to enable it to absorb
unexpected and unforeseen contingencies. With a
transfer of `5,168.39 crore to CR during 2009-10
from the Reserve Bank’s income, the balance in
CR increased to `1,58,560.60 crore as on June 30,
2010 from `1,53,392.21 crore as on June 30, 2009.
The balance available in the CR is sufficient to meet
the contingent liabilities.
Asset Development Reserve
XI.25 To meet the internal capital expenditure and
make investments in its subsidiaries and associate
institutions, the Reserve Bank had created a
separate Asset Development Reserve (ADR) in
1997-98 with the aim of reaching one per cent of
the Reserve Bank’s total assets within the overall
indicative target of 12 per cent set for CR and ADR
taken together. In the year 2009-10, an amount of
`549.63 crore was transferred from income to ADR
raising its level from `14,081.95 crore as on June
30, 2009 to `14,631.58 crore as on June 30, 2010.
CR and ADR together constituted 11.15 per cent
of the total assets of the Bank as on June 30, 2010
(Table XI.8). ADR now accounts for 0.94 per cent
of the total assets of the Bank as against one per
cent last year due to expansion of the asset size.
Table XI.8: Balances in Contingency Reserve and
Asset Development Reserve |
(Rupees crore) |
As on June 30 |
Balance in CR |
Balance in ADR |
Total |
Percentage to total assets |
1 |
2 |
3 |
4 (2+3) |
5 |
2006 |
73,281.10 |
7,592.82 |
80,873.92 |
10.00 |
2007 |
93,770.07 |
9,564.33 |
1,03,334.40 |
10.31 |
2008 |
1,27,200.81 |
12,772.25 |
1,39,973.06 |
9.57 |
2009 |
1,53,392.21 |
14,081.95 |
1,67,474.16 |
11.89 |
2010 |
1,58,560.60 |
14,631.58 |
1,73,192.18 |
11.15 |
Banking Department - Assets
XI.26 The assets of the Banking Department
comprise Notes, Rupee Coin, Small Coin, Bills
Purchased and Discounted, Balances Held Abroad,
Investments, Loans and Advances and Other
Assets. They are presented in the balance sheet
in the descending order of liquidity.
Notes, Rupee Coin and Small Coin
XI.27 This is the stock of bank notes, one rupee
notes, rupee coins of `1, 2, 5 and 10 and small
coins kept in the vaults of the Banking Department
to meet the day to day requirements arising out of
usual receipt and payment transactions as a banker.
Balances Held Abroad
XI.28 This represents foreign currency balances
held abroad. This is part of Bank’s foreign currency
assets shown under assets of the Banking
Department.
Foreign Currency Assets
XI.29 The foreign currency assets (FCA)
comprise foreign securities held in Issue
Department, balances held abroad and
investments in foreign securities held in Banking
Department. The RBI Act provides the legal
framework for deployment of the FCAs as well as
gold. FCAs comprise deposits with other central
banks, the BIS, foreign commercial banks, securities representing debt of sovereigns and
supra-national institutions with residual maturity
not exceeding 10 years and any other instruments
or institutions as approved by the Central Board
of the Reserve Bank in accordance with the
provisions of the Act. The decrease in the level of
foreign currency assets in Rupee terms was mainly
on account of appreciation of Rupee against US
Dollar and revaluation of non-US dollar currency
assets and use of a part of such assets for purchase
of gold from the IMF. The position of outstanding
foreign currency assets and domestic assets over
the last five years is given in Table XI.9.
XI.30 FCAs form a major part of the foreign
exchange reserves of the country. The comparative
position of the foreign exchange reserves in the
last two years is given in Table XI.10. It may be
noted that although SDRs and Reserve Tranche
Position (RTP) formed part of India’s official
reserves, these are held by the Government of India
and therefore not reflected in the Reserve Bank’s
balance sheet.
XI.31 Following the commitment made by India,
as part of the G-20 framework, RBI agreed to
purchase SDR denominated notes from the
International Monetary Fund up to a total amount
of US$10 billion (`46,600 crore). As on June 30,
2010, US$ 527.55 million (`2,458.40 crore) was
invested in notes of the IMF. The Reserve Bank
can be called upon to invest the remaining amount
of US$ 9.47 billion (`44,141.60 crore).
Table XI.9: Outstanding Foreign Currency and Domestic Assets |
(Rupees crore) |
As on June 30 |
Foreign Currency Assets |
Domestic Assets |
1 |
2 |
3 |
2006 |
7,18,701.18 |
90,106.99 |
2007 |
8,39,878.79 |
1,62,058.59 |
2008 |
12,98,552.05 |
1,64,431.13 |
2009 |
12,17,541.80 |
1,90,652.64 |
2010 |
11,64,431.33 |
3,88,594.36 |
XI.32 The Reserve Bank has agreed to invest up
to an amount, the aggregate of which shall not
exceed US$ 5 billion (`23,300 crore), in the bonds
issued by the India Infrastructure Finance Company
(UK) Limited. The Reserve Bank has so far invested
US$ 250 million (`1,165 crore) in such bonds.
XI.33 Gold includes `31,462.88 crore (US$ 6,699
million) reflecting the purchase of 200 metric tons
of gold from the IMF under its limited gold sales
programme. The purchase was an official sector
transaction and was executed over a two week
period during October 19-30, 2009 at market-based
prices. As a result of this purchase, the Reserve
Bank’s gold holdings have increased from 357.75
metric tons to 557.75 metric tons.
XI.34 Special Drawing Rights include SDR
3,082.5 million (`21, 243.57 crore) allocated under
general allocation and SDR 214.6 million (`1478.95
crore) allocated under special allocation by the IMF
on August 28 and September 9, 2009, respectively.
Table XI.10: Foreign Exchange Reserves |
(Rupees crore) |
Item |
As on |
Variation |
June 30, 2009 |
June 30, 2010 |
Absolute |
Per cent |
1 |
2 |
3 |
4 |
5 |
Foreign Currency Assets (FCA) |
12,17,541.80 |
11,64,431.33 |
-53,110.47 |
-4.36 |
Gold |
46,914.09 |
92,704.13 |
45,790.04 |
97.60 |
Special Drawing Rights (SDR) |
2.48 |
22,718.63 |
22,716.15 |
9,15,973.79 |
Reserve Position in the IMF* |
5,973.89 |
6,117.62 |
143.73 |
2.41 |
Total Foreign Exchange Reserves (FER) |
12,70,432.26 |
12,85,971.71 |
15,539.45 |
1.22 |
* Reserve Position in the International Monetary Fund (IMF), which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004. |
Investment in Government of India Rupee
Securities
XI.35 Without adjusting for transfer of securities
under the Liquidity Adjustment Facility (LAF)
operations, the investment in Government of India
securities decreased by `5,725.57 crore from
`1,98,627.19 crore as on June 30, 2009 to
`1,92,901.62 crore as on June 30, 2010. The
decline was the combined effect of increase on
account of purchase of securities under the open
market operations and decrease on account of
depreciation in value of securities held by the Bank
as well as increase in sale of securities from the
Bank’s portfolio to the Government of India towards
investment of their surplus cash balances.
Investments in Shares of Subsidiaries and
Associate Institutions
XI.36 There was no change in the Reserve Bank’s
investments in shares of its subsidiaries and
associate institutions during the year (Table XI.11).
Investments in shares are valued at cost.
Other Assets
XI.37 ‘Other Assets’ comprise income accrued
but not received, fixed assets (net of depreciation),
gold holdings in the Banking Department, amounts
spent on projects pending completion and staff
advances etc. The level of ‘Other Assets’ increased
by `27,537.93 crore from `31,138.75 crore as on June 30, 2009 to `58,676.68 crore as on June 30,
2010 mainly on account of purchase of 200 metric
tons of gold from IMF during October 19-30, 2009
at a value of `31,462.88 crore (US$ 6,699 million).
Table XI.11: Investments in Shares of Subsidiaries and Associate Institutions |
(Rupees crore) |
Institution |
Book value of shares
held as on |
|
June 30, 2009 |
June 30, 2010 |
1 |
2 |
3 |
1. Deposit Insurance and Credit Guarantee Corporation |
50.00 |
50.00 |
2. National Bank for Agriculture and Rural Development |
1,450.00 |
1,450.00 |
3. National Housing Bank |
450.00 |
450.00 |
4. Bharatiya Reserve Bank Note Mudran (Pvt.) Ltd. |
800.00 |
800.00 |
Total |
2,750.00 |
2,750.00 |
Auditors
XI.38 The accounts of the Reserve Bank for the
year 2009-10 were audited by M/s. Mukund M.
Chitale & Co., Mumbai and M/s. V. Sankar Aiyar &
Co., Mumbai as the Statutory Central Auditors.
Branch offices were audited by the statutory branch
auditors, namely, M/s. Basant Ram & Sons, New
Delhi, M/s. Vedprakash Agrawal & Co., Nagpur,
M/s. G. Natesan & Co., Chennai and M/s. S. K. Basu
& Co., Kolkata. The auditors were appointed by the
Central Government in terms of section 50 of RBI
Act, 1934.
RESERVE BANK OF INDIA BALANCE SHEET AS AT 30TH JUNE 2010 ISSUE DEPARTMENT |
(Rupees thousands) |
2008-09 |
LIABILITIES |
2009-10 |
2008-09 |
ASSETS |
2009-10 |
|
Notes held in the |
|
|
Gold Coin and Bullion: |
|
21,25,80 |
Banking Department |
32,61,51 |
|
38326,27,06 |
(a) Held in India
|
48577,21,52 |
|
701655,32,71 |
Notes in Circulation |
842008,36,40 |
|
– |
(b) Held outside India
|
– |
|
|
|
|
662064,41,42 |
Foreign Securities
|
792300,92,96 |
|
701676,58,51 |
Total Notes issued |
842040,97,91 |
700390,68,48 |
Total |
840878,14,48 |
|
|
|
239,47,03 |
Rupee Coin |
116,40,43 |
|
|
|
1046,43,00 |
Government of India Rupee Securities |
1046,43,00 |
|
|
|
– |
Internal Bills of Exchangeand other Commercial Paper |
– |
701676,58,51 |
Total Liabilities |
842040,97,91 |
701676,58,51 |
Total Assets |
842040,97,91 |
BANKING DEPARTMENT |
2008-09 |
LIABILITIES |
2009-10 |
2008-09 |
ASSETS |
2009-10 |
5,00,00 |
Capital paid-up |
5,00,00 |
21,25,80 |
Notes |
32,61,51 |
6500,00,00 |
Reserve Fund |
6500,00,00 |
4,77 |
Rupee Coin |
6,34 |
18,00,00 |
National Industrial Credit(Long Term Operations) Fund |
19,00,00 |
3,41 |
Small Coin |
3,08 |
192,00,00 |
National Housing Credit(Long Term Operations)Fund |
193,00,00 |
|
|
|
|
Deposits |
|
|
Bills Purchased and Discounted : |
|
|
(a)Government |
|
– |
(a) Internal |
– |
22990,42,88 |
(i) Central Government |
36457,41,08 |
– |
(b) External |
– |
41,34,50 |
(ii) State Governments |
41,33,15 |
– |
(c) Government Treasury Bills |
– |
|
(b)Banks |
|
|
|
|
250664,49,62 |
(i) Scheduled Commercial Banks |
307759,41,00 |
|
|
|
3520,91,11 |
(ii) Scheduled State Co-operative Banks |
4065,43,76 |
512320,77,65 |
Balances Held Abroad |
339226,34,23 |
3489,08,20 |
(iii) Other Scheduled Co-operative Banks |
4986,76,82 |
|
|
|
67,07,47 |
(iv) Non-Scheduled State Co-operative Banks |
68,63,80 |
151675,42,39 |
Investments |
310068,81,35 |
6671,76,11 |
(v) Other Banks |
9224,79,62 |
|
|
|
16475,59,86 |
(c)Others |
12807,72,53 |
|
Loans and Advances to : |
|
|
|
|
– |
(i) Central Government |
– |
|
|
|
– |
(ii) State Governments |
73,38,00 |
195,86,03 |
Bills Payable |
79,45,62 |
|
Loans and Advances to: |
|
|
|
|
280,00,00 |
(i) Scheduled Commercial Banks |
2623,17,00 |
|
|
|
– |
(ii) Scheduled State Co-operative Banks |
– |
|
|
|
– |
(iii) Other Scheduled Co-operative Banks |
41,00,00 |
|
|
|
– |
(iv) Non-Scheduled State Co-operative Banks |
– |
|
|
|
– |
(v) NABARD |
– |
|
|
|
11102,82,48 |
(vi) Others |
275,22,98 |
395707,55,24 |
Other Liabilities |
328809,35,60 |
|
Loans, Advances and Investments from NationalIndustrial Credit (Long Term Operations) Fund: |
|
|
|
|
|
(a) Loans and Advances to: |
|
|
|
|
– |
(i) Industrial Development Bank of India |
– |
|
|
|
– |
(ii) Export Import Bank of India |
– |
|
|
|
– |
(iii) Industrial Investment Bank of India Ltd. |
– |
|
|
|
– |
(iv) Others |
– |
|
|
|
|
(b) Investments in bonds/ debenturesissued by: |
|
|
|
|
– |
(i) Industrial Development Bank of India |
– |
|
|
|
– |
(ii) Export Import Bank of India |
– |
|
|
|
– |
(iii) Industrial Investment Bank of India Ltd. |
– |
|
|
|
– |
(iv) Others |
– |
|
|
|
|
Loans, Advances and Investments from NationalHousing Credit (Long Term Operations) Fund: |
|
|
|
|
– |
(a) Loans and Advances to National Housing Bank |
– |
|
|
|
– |
(b) Investments in bonds/ debentures issued by National Housing Bank |
– |
|
|
|
31138,74,52 |
Other Assets |
58676,68,49 |
706539,11,02 |
Total Liabilities |
711017,32,98 |
706539,11,02 |
Total Assets |
711017,32,98 |
Significant Accounting Policies and Notes to the Accounts as per the Annex. |
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30THJUNE 2010 |
(Rupees thousands) |
2008-09 |
INCOME |
2009-10 |
33230,88,41 |
Interest, Discount, Exchange, Commission etc.1 |
27166,12, 24 |
33230,88,41 |
Total |
27166,12,24 |
|
EXPENDITURE |
|
1,32,87 |
Interest |
1,01,60 |
2448,25,15 |
Establishment |
1986,82,29 |
1,66,90 |
Directors’ and Local Board Members’ Fees and Expenses |
2,08,15 |
32,45,84 |
Remittance of Treasure |
37,12,10 |
2999,19,46 |
Agency Charges |
2855,02,06 |
2063,16,97 |
Security Printing (Cheque, Note forms etc.) |
2754,12,35 |
20,63,03 |
Printing and Stationery |
26,58,89 |
52,69,10 |
Postage and Telecommunication Charges |
42,48,93 |
85,87,49 |
Rent, Taxes, Insurance, Lighting etc. |
85,15,56 |
2,26,68 |
Auditors’ Fees and Expenses |
2,51,17 |
2,32,80 |
Law Charges |
2,75,54 |
234,56,38 |
Depreciation and Repairs to Bank’s Property |
274,21,93 |
273,45,74 |
Miscellaneous Expenses |
333,21,67 |
8217,88,41 |
Total |
8403,12,24 |
25013,00,00 |
Available Balance |
18763,00,00 |
|
Less: Contribution To: |
|
|
National Industrial Credit (Long Term Operations) Fund |
1,00,00 |
|
|
National Rural Credit (Long Term Operations) Fund 2 |
1,00,00 |
|
|
National Rural Credit (Stabilisation) Fund 2 |
1,00,00 |
|
|
National Housing Credit (Long Term Operations) Fund |
1,00,00 |
|
4,00,00 |
|
4,00,00 |
25009,00,00 |
Surplus Payable to the Central Government |
18759,00,00 |
1. After making the usual or necessary provisions in terms of section 47 of the Reserve Bank of India Act, 1934 amounting to `5718,01,83 thousands (2008-09 -`27501,09,93 thousands).
2. These funds are maintained by National Bank for Agriculture and Rural Development (NABARD). |
S.V. Raghavan
Chief General Manager |
Subir Gokarn
Deputy Governor |
K.C. Chakrabarty
Deputy Governor |
Usha Thorat
Deputy Governor |
Shyamala Gopinath
Deputy Governor |
D. Subbarao
Governor |
REPORT OF THE AUDITORS
TO THE PRESIDENT OF INDIA
We, the undersigned auditors of the Reserve Bank of India (hereinafter referred to as the Bank), do hereby report to the Central Government upon the Balance Sheet of the Bank as at June 30, 2010 and the Profit and Loss Account for the year ended on that date.
We have examined the Balance Sheet of the Bank as at June 30, 2010 and the Profit and Loss Account of the Bank for the year ended on that date and report that where we have called for information and explanations from the Bank, such information and explanations have been given to our satisfaction.
These financial statements include the accounts of nineteen Accounting Units of the Bank which have been audited by the Statutory Branch Auditors. The branch audit reports have been furnished to us which we have considered in preparing our report.
These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion and according to the best of our information and explanations given to us and as shown by the books of account of the Bank, the Balance Sheet read with Significant Accounting Policies and Notes to the Accounts is a full and fair Balance Sheet containing all necessary particulars and is properly drawn up in accordance with the Reserve Bank of India Act, 1934 and Regulations framed thereunder so as to exhibit a true and correct view of the state of the Bank's affairs in conformity with the accounting principles generally accepted in India.
For Mukund M.Chitale & Co
Firm Registration No.106655W
Chartered Accountants
Abhay V. Kamat
Partner
(M. No. 39585) |
For V. Sankar Aiyar & Co
Firm Registration No.109208W
Chartered Accountants
S.Venkatraman
Partner
(M. No. 34319 ) |
Dated August 12, 2010
Place: Mumbai
ANNEX
RESERVE BANK OF INDIA
SIGNIFICANT ACCOUNTING POLICIES AND NOTES
TO THE ACCOUNTS FOR THE YEAR 2009-10
SIGNIFICANT ACCOUNTING POLICIES
1. CONVENTION
The financial statements are prepared in
accordance with the Reserve Bank of India Act,
1934 and the notifications issued thereunder and
in the form prescribed by the Reserve Bank of India
General Regulations, 1949 and are based on
historical cost except where it is modified to reflect
revaluation.
The accounting practices and policies followed in
the financial statements are consistent with those
followed in the previous year unless otherwise
stated.
2. REVENUE RECOGNITION
Income and expenditure are recognised on accrual
basis except penal interest and dividend, which are
accounted for on receipt basis. Only realised gains
are recognised.
Balances unclaimed and outstanding for more
than three consecutive years in certain transitory
accounts including Drafts Payable Account,
Payment Orders Account, Sundry Deposits
Account, Remittance Clearance Account and
Earnest Money Deposit Account are reviewed and
written back to income. Claims in this respect are
considered and charged against income in the
year of payment.
Income and expenditure in foreign currency are
recorded at the exchange rates prevailing on the
last business day of the preceding week/preceding
month/year-end rates, as applicable.
3. GOLD AND FOREIGN CURRENCY ASSETS
AND LIABILITIES
(a) Gold
Gold is revalued at the end of the month at 90 per
cent of the daily average price quoted at London
for the month. The rupee equivalent is determined
on the basis of the exchange rate prevailing on the
last business day of the month. Unrealised gains/
losses are adjusted to the Currency and Gold
Revaluation Account (CGRA).
(b) Foreign Currency Assets and Liabilities
All foreign currency assets and liabilities are
translated at the exchange rates prevailing on the
last business day of the week as well as on the last
business day of the month. At the year-end, assets
and liabilities in foreign currencies are translated
at the exchange rates prevailing on the last
business day except in cases where rates are
contractually fixed. Exchange gains and losses
arising from such translation of foreign currency
assets and liabilities are accounted for in CGRA
and remain adjusted therein. Forward exchange
contracts are evaluated half-yearly and net loss, if
any, is provided for.
Foreign securities other than Treasury Bills are
valued at market price prevailing on the last
business day of each month. The appreciation or
depreciation, if any, is transferred to the Investment
Revaluation Account (IRA). Credit balance in IRA
is carried forward to the subsequent year. Debit
balance, if any, at the end of the year in IRA is
charged to the Profit and Loss Account and the
same is reversed to the credit of the Profit and Loss
Account on the opening day of the succeeding
financial year.
Foreign Treasury Bills and Commercial Papers are
carried at cost as adjusted by amortisation of discount.
Premium or discount on foreign securities is
amortised daily.
Profit/ loss on sale of foreign currency assets is
recognised with respect to the book value, except
in the case of foreign dated securities, where it is
recognised with reference to the amortised cost.
Further, on sale/ redemption of foreign dated
securities, gain/loss in relation to the securities sold,
lying in IRA is transferred to the Profit and Loss
Account.
4. RUPEE SECURITIES
Rupee securities, other than Treasury Bills, held in
the Issue and Banking Departments, are valued at
lower of book value or market price (LOBOM).
Where the market price for such securities is not
available, the rates are derived based on the yield
curve prevailing on the last business day of the
month. The depreciation in the value, if any, is
adjusted against current interest income.
Treasury Bills are valued at cost.
5. SHARES
Investments in shares are valued at cost.
6. FIXED ASSETS
Fixed Assets are stated at cost less depreciation.
Depreciation on computers, microprocessors,
software (costing `1 lakh and above), motor
vehicles, furniture, etc., is provided on straight-line
basis at the following rates.
Asset Category |
Rate of depreciation |
Motor vehicles, furniture etc. |
20% |
Computers, Microprocessors, Software etc. |
33.33% |
Depreciation on leasehold land and building(s)
is provided on written-down value basis at the
following rates.
Asset Category |
Rate of depreciation |
Leasehold Land and Building(s) |
Proportionate to Lease |
constructed thereon |
Period but not less than 5% |
Building(s) constructed on Freehold Land |
10% |
Fixed Assets costing less than `1 lakh (except
easily portable electronic assets such as laptops,
mobile phones, etc. costing more than `10,000)
are charged to the Profit and Loss Account in
the year of acquisition.
Depreciation is provided on year-end balances of
the Fixed Assets.
7. EMPLOYEE BENEFITS
The liability on account of long term employee
benefits is provided based on an actuarial valuation.
8. CONTINGENCY RESERVE AND ASSET
DEVELOPMENT RESERVE
Contingency Reserve (CR) represents the amount
set aside on a year-to-year basis for meeting
unexpected and unforeseen contingencies
including depreciation in value of securities,
exchange guarantees and risks arising out of
monetary / exchange rate policy compulsions.
In order to meet the internal capital expenditure
and make investments in subsidiaries and
associate institutions, a further sum is provided
and credited to the Asset Development Reserve
(ADR).
NOTES TO THE ACCOUNTS
1. SURPLUS TRANSFER TO GOVERNMENT
OF INDIA
Surplus transferable to the Government includes
`1,407.00 crore (previous year – `1,436.00 crore)
representing interest differential pertaining to the
period April 1, 2009-March 31, 2010 on account of
conversion of special securities issued by the
Government of India into marketable securities.
2. CHANGES IN ACCOUNTING POLICIES AND
PROCEDURES
2.1 Reserve Bank has changed the accounting
policy for valuation of foreign dated securities which
were hitherto being valued on the basis of lower of
book value or market price (LOBOM) prevailing on
the last business day of each month wherein
depreciation was being adjusted against current
income and appreciation was being ignored.
Further, discount/ premium, if any, was not being
amortised. As per revised policy, Reserve Bank has
started valuing foreign dated securities at market
price prevailing on the last business day of each
month, wherein appreciation/ depreciation as the
case may be is being transferred to the Investment
Revaluation Account. Credit balance in IRA is
carried forward to the subsequent year. Debit
balance, if any, at the end of the year in IRA is
charged to the Profit and Loss Account and the
same is reversed to the credit of the Profit and Loss
Account on the opening day of the succeeding
financial year. Further, discount/premium, if any, is
now being amortised on daily basis over the
remaining period till maturity.
Due to aforesaid change, valuation of investment
in foreign securities is higher by `7,768.11 crore
and Other Liabilities (IRA and CGRA) is higher by
`8,234.10 crore. Interest, Discount, Exchange,
Commission etc. is, however, lower by `465.99
crore.
2.2 A new Fixed Asset Policy has been
implemented with effect from July 1, 2009 in terms
of which threshold limit for capitalising items of
fixed assets has been raised from `10,000 to `1
lakh. Accordingly, items of fixed assets, individually
costing `1 lakh and more (previous year –
`10,000) are capitalised. However, valuable but
easily portable electronic assets such as laptops,
mobile phones, etc. are capitalised where the
individual cost is more than `10,000. Further,
expenditure on renovation/modernisation of an existing asset is not capitalised unless such
renovation/modernisation results in capacity
increase or structural improvement of the existing
assets and such expenditure is charged to Profit
and Loss Account for the year in which expenditure
is incurred.
Due to the aforesaid changes, the net expenditure
debited to Profit and Loss Account for the year is
higher by `48.02 crore and the Fixed Assets shown
under Other Assets in the Balance Sheet is lower by
`48.02 crore.
3. EARMARKED SECURITIES
The Reserve Bank has earmarked certain
Government securities having a book value of
`9,466.68 crore (previous year `8,849.97 crore)
from its Investment Account in order to cover the
liabilities in the Provident Fund, Gratuity and
Superannuation Fund and Leave Encashment
(Retiring Employees) Fund.
4. RESERVE FUND
Reserve Fund comprises initial contribution of `5.00
crore made by the Government of India and
appreciation of `6,495.00 crore on account of
revaluation of Gold up to October 1990. Subsequent
gains / losses on monthly revaluation of Gold are
taken to the Currency and Gold Revaluation
Account (CGRA).
5. DEPOSITS
(a) Government
Deposits of Central Government include `317.00
crore (previous year – `22,889.92 crore) on
account of operations under the Market
Stabilisation Scheme (MSS). Deposits of State
Governments include balance of Government of the
Union Territory of Puducherry.
(b) Others
(Rupees crore) |
Particulars |
As on June 30 |
2009 |
2010 |
1 |
2 |
3 |
I. Rupee Deposits from the Foreign Central Banks and the Foreign Financial Institutions |
3,758.94 |
3,246.36 |
II. Deposits from the Indian Financial Institutions |
335.08 |
516.33 |
III. Accumulated Retirement Benefits |
8,303.08 |
8,817.13 |
IV. Miscellaneous |
4,078.50 |
227.91 |
Total |
16,475.60 |
12,807.73 |
6. DETAILS OF OTHER LIABILITIES
(Rupees crore) |
Particulars |
As on June 30 |
2009 |
2010 |
1 |
2 |
3 |
I. Contingency Reserve |
|
|
Balance at the beginning of the year |
1,27,200.81 |
1,53,392.21 |
Add: Accretion during the year |
26,191.40 |
5,168.39 |
Balance at the end of the year |
1,53,392.21 |
1,58,560.60 |
II. Asset Development Reserve |
|
|
Balance at the beginning of the year |
12,772.25 |
14,081.95 |
Add: Accretion during the year |
1,309.70 |
549.63 |
Balance at the end of the year |
14,081.95 |
14,631.58 |
III. Currency and Gold Revaluation Account |
|
|
Balance at the beginning of the year |
1,63,211.83 |
1,98,842.03 |
Add: Net Accretion (+) / |
35,630.20 |
- |
Net Depletion (-) during the year |
- |
(-)79,708.05 |
Balance at the end of the year |
1,98,842.03 |
1,19,133.98 |
IV. Investment Revaluation Account |
|
|
Balance at the beginning of the year |
- |
- |
Add: Net Accretion (+) / |
- |
9,370.96 |
Net Utilisation (-) during the year |
- |
- |
Balance at the end of the year |
- |
9,370.96 |
V. Exchange Equalisation Account |
|
|
Balance at the beginning of the year |
- |
26.98 |
Transfer from Exchange Account |
26.98 |
18.87 |
Add: Net Accretion (+) / |
- |
- |
Net Utilisation (-) during the year |
- |
(-) 26.98 |
Balance at the end of the year |
26.98 |
18.87 |
VI. Provision for Outstanding Expenses |
1,822.88 |
1,548.02 |
VII. Surplus transferable to the Government of India |
25,009.00 |
18,759.00 |
VIII.Miscellaneous |
2,532.50 |
6,786.35 |
Total (I to VIII) |
3,95,707.55 |
3,28,809.36 |
7. EMPLOYEE BENEFITS
In accordance with the Accounting Standard (AS)
15 – Employee Benefits (Revised), the liability for long term employee benefits has been ascertained
under the ‘Projected Unit Credit’ method and
provided for in the accounts.
8. RBI GENERAL ACCOUNT
‘Other Assets’ include `18.37 crore (previous year
`7.61 crore under ‘Other Liabilities’) in respect of
inter–office transactions and balances under
reconciliation which are at various stages of
reconciliation and necessary adjustments are being
effected as and when reconciled.
9. RUPEE INVESTMENTS
Securities purchased (Repo) and sold (Reverse
Repo) under the Liquidity Adjustment Facility
(LAF) are added to and reduced from ‘Investments’
respectively. As at the year-end, the outstanding
Repos and Reverse Repos amounted to
`78,630.00 crore (previous year `895.00 crore)
and `20.00 crore (previous year `88,335.00 crore)
respectively.
10.DETAILS OF FOREIGN CURRENCY ASSETS
(Rupees crore) |
Particulars |
As on June 30 |
2009 |
2010 |
1 |
2 |
3 |
I. Held in Issue Department |
6,62,064.41 |
7,92,300.93 |
II. Held in Banking Department - |
|
|
a) Included in Investments |
43,156.61 |
32,904.06 |
b) Balances Held Abroad |
5,12,320.78 |
3,39,226.34 |
Total |
12,17,541.80 |
11,64,431.33 |
Note : 1. Uncalled amount on partly paid shares of the Bank for International Settlements (BIS) as at June 30, 2010 was `82.98 crore (SDR 1,20,41,250). The amount was `89.47 crore (SDR 1,20,41,250) in the previous year.
2. RBI has agreed to purchase SDR denominated notes from the International Monetary Fund (IMF) up to a total amount of US Dollar 10 billion (`46,600 crore). As on June 30, 2010, USD 527.55 million (`2458.40 crore) was invested in notes of IMF. RBI can be called upon to invest the remaining amount of US Dollar 9.47 billion (`44,141.60 crore).
3. RBI has agreed to invest up to an amount, the aggregate of which shall not exceed US Dollar 5 billion (`23,300 crore), in the bonds issued by India Infrastructure Finance Company (UK) Limited. Presently, RBI has invested US Dollar 250 million (`1,165 crore) in such bonds. |
11. DETAILS OF OTHER ASSETS
(Rupees crore) |
Particulars |
As on June 30 |
2009 |
2010 |
1 |
2 |
3 |
I. |
Fixed Assets (net of accumulated depreciation) |
609.40 |
516.08 |
II. |
Gold |
8,587.82 |
44,126.92 |
III. |
Income accrued but not received |
16,734.04 |
12,969.29 |
IV. |
Miscellaneous |
5,207.49 |
1,064.39 |
|
Total |
31,138.75 |
58,676.68 |
12. INTEREST, DISCOUNT, EXCHANGE, COMMISSION, etc.
Interest, Discount, Exchange, Commission, etc., include the following :
(Rupees crore) |
Particulars |
Year ended June 30, 2009 |
June 30, 2010 |
1 |
2 |
3 |
I. |
Profit on sale of Foreign and Rupee Securities Net profit on |
18,957.36 |
14,764.45 |
II. |
sale of Bank’s Property |
7.36 |
1.87 |
13. Previous year’s figures have been regrouped / reclassified, wherever necessary, to conform to current
year’s presentation.
|