Updated By: LatestGKGS Desk
RBI to pay Rs 50,000 cr dividend to govt for FY18, in line with budget estimate
RBI to pay 50,000 crores as a dividend to help the Central government
The RBI decided to pay Rs 50,000 crores as a dividend to the government in line with the Union Budget provisions, helping the Centre stick to its fiscal roadmap.
The Reserve Bank, which follows July-June financial year, has paid about 63 per cent higher dividend than the previous year (2016-17).
The RBI made a dividend payout of Rs 30,659 crores for the fiscal ended June 2017.
The Central Board of Directors of the Reserve Bank of India (RBI), at its meeting, held on August 8, 2018, approved the transfer of surplus amounting to Rs 500 billion (Rs 50,000 crores) for the year ended June 30, 2018, to the government of India.
Earlier in March, the RBI paid an interim dividend of Rs 10,000 crores at the insistence of the government to support fiscal position.
As per the Budget estimate, the government projected to collect Rs 54,817.25 crores as dividend or surplus of Reserve Bank of India. nationalised banks and financial institutions.
