BANKING

The Reserve Bank of India decided to transfer an interim dividend of Rs 28,000 crore to the government in the financial year 2018-19

“Based on a limited audit review and after applying the extant economic capital framework, the board decided to transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended December 31, 2018,” the RBI said. The RBI board also “reviewed the current economic situation, global and domestic challenges, and other specific areas of operations”.

The RBI had, for the first time, transferred an interim dividend of Rs 10,000 crore in 2017-18 or FY18 on the latter’s request. In FY18, the dividend received by the government from the RBI stood at Rs 50,000 crore. In 2016-17, the Centre had received Rs 65,876 crore as dividend from the RBI.

In August last year, the government had received Rs 40,000 crore as dividend from the central bank after it closed its accounts for the July 2017-June 2018 period. With the transfer of interim dividend, the Centre will receive Rs 68,000 crore in the form of surplus from the RBI for FY19.

Dated: February 18, 2019

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