The Central Board of Directors of the Reserve Bank of India met today at Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Shri Y. H. Malegam, Prof U. R. Rao, Shri Lakshmi Chand, Shri H. P. Ranina, Shri Suresh Neotia, Dr. A. Vaidyanathan, Prof. M. M. Sharma and Shri Sanjay Labroo were present at the meeting. Deputy Governors of the Reserve Bank, Dr. K.C. Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H R Khan were also present. The meeting was also attended by Shri R. Gopalan, Secretary, Economic Affairs and Government nominee director on the Central Board and Dr. Kaushik Basu, Chief Economic Adviser. The meeting reviewed key economic, monetary and financial developments in the country.

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus profit to the Government of India amounting to ` 15,009 crore for the year ended June 30, 2011 as against ` 18,759 crore for the year ended June 30, 2010.

In the auctions of the securities conducted on August 11, 2011 for Additional Competitive Underwriting (ACU), the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.2713 and the Reference Rate for Euro is ` 64.5821 on August 11, 2011. The corresponding rates for the previous day (August 10, 2011) were ` 45.2058 and ` 64.7633 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates of GBP and JPY against the Rupee are given below: