RBI FUNCTIONS: INTRODUCTION: The Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, sustaining monetary stability in India, operating the currency, and maintaining the country’s credit system In May 2023, the Reserve Bank approved a Rs 87,416 crore dividend payout to the central government for 2022-23, nearly triple what it paid in the previous year. Details: The decision was taken at the 602nd meeting of the Central Board of Directors of the Reserve Bank of India held under the chairmanship of Governor Shaktikanta Das. The board approved the transfer of Rs 87,416 crore as surplus to the central government for the accounting year 2022-23. This is a 188% jump from the last year’s (2021-22) surplus transfer of Rs 30,307 crore. It decided to keep the Contingency Risk Buffer (CRB) at 6 per cent. The contingency risk buffer is a specific prov