GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Government May Get Rs 10,000 Crore From RBI as Interim Dividend

RBI Governor Urjit Patel last month said the central bank will continue to transfer surpluses to the government in 'mechanical way' as it has been doing in the past.

PTI

Updated:March 6, 2018, 8:56 PM IST
facebookTwittergoogleskypewhatsapp
Government May Get Rs 10,000 Crore From RBI as Interim Dividend
Representative image.
Loading...
New Delhi: The government is likely to receive an interim dividend of Rs 10,000 crore from Reserve Bank of India (RBI) this month, sources said. According to them, the government expects the RBI to pay a total dividend of about Rs 45,000 crore for financial year 2017-18.

Talks between the RBI and the government over the payment of dividend are still on, sources said, adding that the final call is yet to be taken. An email sent to RBI in this regard did not elicit any response.

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.

In August 2017, RBI had paid a dividend of Rs 30,659 crore for its fiscal year ended June 2017. It was less than half the Rs 65,876 crore it had paid for 2015-16. The government has budgeted for a Rs 58,000 crore dividend from RBI for the current fiscal year.

RBI's profit was about Rs 44,000 crore, of which Rs 30,000 crore has been distributed and Rs 13,000 crore it has retained towards risks and reserves. So the government has made a suggestion that the Rs 13,000 crore may also be transferred, the sources said.

RBI Governor Urjit Patel last month said the central bank will continue to transfer surpluses to the government in 'mechanical way' as it has been doing in the past. There were media reports that the RBI may give an additional dividend to the government in the current fiscal.

The reports stated that the government may ask the RBI to transfer close to Rs 13,000 crore from its surpluses with the apex bank to help in the recapitalisation of state-run banks.

"We always share the dividend with the government and we have already done that this year. That is something which is done in a mechanical way and we will continue doing so, going forward," Patel had said.
| Edited by: Tarun Bhardwaj
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 346.50 7.98
Yes Bank 191.00 -7.21
Reliance 1,127.40 2.79
ICICI Bank 367.55 -0.66
Indiabulls Hsg 766.20 -4.80
Company Price Change %Gain
Jet Airways 346.85 8.07
Mindtree 838.20 -0.05
Yes Bank 191.30 -7.14
HDFC 1,887.55 1.91
Info Edge 1,370.00 -0.48
Top Gainers
Company Price Change %Gain
Bharti Airtel 332.75 9.31
HCL Tech 1,022.20 3.38
Eicher Motors 24,735.00 3.30
Grasim 831.90 2.87
Reliance 1,127.40 2.79
Company Price Change %Gain
Bharti Airtel 333.60 9.81
Reliance 1,127.50 2.79
HDFC 1,887.55 1.91
SBI 290.30 1.75
Hero Motocorp 2,954.55 1.28
Top Losers
Company Price Change %Gain
Yes Bank 191.00 -7.21
Indiabulls Hsg 766.20 -4.80
JSW Steel 335.10 -2.76
Tata Steel 574.10 -2.59
IOC 143.35 -2.25
Company Price Change %Gain
Yes Bank 191.30 -7.14
Tata Steel 574.10 -2.47
Maruti Suzuki 7,332.05 -2.02
ONGC 156.55 -1.48
Axis Bank 618.30 -1.17

Live TV

Loading...
Loading...