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RBI To Pay Government Dividends Of Rs 87,416 Crores In FY23

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RBI To Pay Government Dividends Of Rs 87,416 Crores In FY23

(CTN News) – It was approved by the Reserve Bank of India (RBI)  on Friday that Rs 87,416 crore will be transferred to the government as dividends for FY23.

On Friday, at the 602nd meeting of the Central Board of Directors of the Reserve Bank of India(RBI), which was presided over by Governor Shakktanta Das, the decision was taken to increase the reserve requirement.

In the meeting of the Board, the Board discussed global and domestic economic conditions and the challenges associated with them, including the current geopolitical situation in the world as well.

As per RBI’s statement, the Board of Directors has approved the transfer of Rs 87,416 crore to the Central Government as surplus for the accounting year 2022-23, as well as maintaining the Contingency Risk Buffer at 6%.

In February, it was reported that the government expects to receive a 17 percent higher dividend in 2023-24 from the Reserve Bank of India (RBI), public sector banks, and financial institutions than it received in the previous year in terms of the dividend.

The government has announced that by March 2023, it expects that the RBI and other public sector financial institutions will contribute Rs 40,953 crore to the government’s budget, according to the government.

As it should be noted, the Reserve Bank of India (RBI) approved a dividend payment to the government of Rs 30,307 crores after its board meeting held in May of 2022.

The budget document also specifies an amount of Rs 43,000 crores for the dividends paid by public sector enterprises and other investments for FY24, which is in line with what was announced for FY23.

Compared with the Budget Estimate of Rs 40,000 crore, the dividends from public sector entities and other investments for FY23 have been revised upward to Rs 43,000 crore, from Rs 40,000 crore in the Budget Estimate.

According to the RE of 2022-23, the total dividend collection for the next financial year would be Rs 1,15,820 crore as against the RE of Rs 1,08,592 crore as per the RE of the previous financial year.

As a result of a higher dividend payout, Prime Minister Narendra Modi’s government is likely to be able to meet his target of bringing down the fiscal deficit from 6.4% of gross domestic product to 5.9% in the current financial year compared to 6.4% a year ago.

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