The RBI Board on Friday approved the transfer of Rs 57,128 crore as surplus to the central government for the accounting year 2019-20, the central bank said in a statement.

The decision was taken at the 584th meeting of the Central Board of the Reserve Bank of India chaired by Governor Shaktikanta Das.

The Board reviewed the current economic situation, continued global as well as domestic challenges, and monetary, regulatory and other measures taken by the RBI to mitigate the economic impact of Covid-19 pandemic.

"The Board also approved the transfer of Rs 57,128 crore as surplus to the central government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5 per cent," the RBI said in a statement.

Further, the Central Board discussed the proposal of setting up an innovation hub.

It also discussed various areas of operations of the bank during the last year, and approved the annual report and accounts of the Reserve Bank for 2019-20.