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09-Aug2018

RBI to transfer Rs 50,000 crore as dividend to government

In line with the Union Budget provisions, the Central Board of Directors of the Reserve Bank of India (RBI) approved the transfer of Rs 50,000 crore as dividend to the government for the financial year ending June 30, 2018, helping the Centre stick to its fiscal roadmap. The RBI, which follows July-June financial year, has paid about 63 percent higher dividend than last year (2016-17). It is to be noted that the RBI transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was less than half of what it paid in the previous year (Rs 65,876 crore).

In March, the RBI paid interim dividend of Rs 10,000 crore to support the government's fiscal position. In the Union Budget for 2018-19, the government projected to collect Rs 54,817.25 crore as dividend or Surplus of RBI, Nationalised Banks and Financial Institutions. The government realised Rs 51,623.24 crore under this head in the previous fiscal.

The fall in the surplus payout in June 2017 was because of expenses incurred on printing of new currency notes following the demonetisation of Rs 500 and Rs 1,000 on November 9, 2016. Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others.



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