The Reserve Bank of India (RBI) will pay a record dividend of Rs 2.1 lakh crore to the government for the fiscal year ended March 31, surpassing budgeted expectations and providing a boost to government revenue as a new administration prepares to take office.
The RBI board approved the transfer of surplus in a meeting on Wednesday, marking a significant increase from the budgeted dividend of Rs 1.02 lakh crore outlined in the interim budget earlier this year.
This payout of Rs 2.1 lakh crore exceeds the previous record of Rs 1.76 lakh crore in 2018-19, reflecting the RBI’s strong financial performance.
The decision to transfer the surplus was made by the RBI’s Central Board of Directors, chaired by Governor Shaktikanta Das, during their 608th meeting.
In addition, the RBI board discussed the global and domestic economic outlook, as well as the institution’s performance during the fiscal year. The RBI also increased the Contingent Risk Buffer (CRB) to 6.50% for the fiscal year 2023-24, signaling confidence in the country’s economic resilience.
This surplus transfer was calculated based on the Economic Capital Framework (ECF) established in 2019, as recommended by a committee led by Bimal Jalan.
Overall, the RBI’s robust financial performance and the increased dividend payment reflect positive economic growth and stability in India.
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