RBI halves dividend payout to government to Rs30,659 crore

Paterniano Del Favero
Agosto 10, 2017

The central bank, in the previous year, had paid a dividend of Rs 65,876 crore to the government. In the Union Budget for fiscal 2018, it was assumed that around Rs 75,000 crore would come from RBI, state-run banks and financial institutions compared with a little over Rs 76,000 crore in fiscal 2017.

The decline could make it harder for the government to meet its fiscal deficit target of 3.2 percent of gross domestic product for the year ending in March, although New Delhi will likely meet the shortfall by boosting revenues from other areas.

This was the lowest-ever surplus transfer by the RBI to the Centre since 2011-12 when it transferred ₹16,010 crore.

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus to the Government of India amounting to Rs30,659 crore for the year ended 30 June 2017, the central bank stated in a brief website announcement.

The apex bank is expected to publish its annual reports next week.

The central bank had in the previous year paid Rs65,876 crore dividend to the government. However, an official had later said that the RBI's share had been reduced to Rs 58,000 crore.

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