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RBI to pay Rs 28,000 crore interim dividend to govt
New Delhi, Feb 18 (IBNS): The Reserve Bank of India has decided to transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended December 31, 2018.
This is the second successive year that the Reserve Bank will be transfering an interim surplus.
The central bank made this decision "based on a limited audit review and after applying the extant economic capital framework".
The dividend will help the Narendra Modi government partially bridge a budget gap created mostly by a mega scheme for small farmers announced in the interim budget. The scheme, which intends to benefit 12 crore farmers, will hand out Rs 6,000 in three instalments of Rs 2,000 each every year.
Today's RBI central board meeting was attended by finance minister Arun Jaitley.
RBI governor Shaktikanta Das chaired the meeting.
The demand by the Union government for more dividends and to part with a greater share of its capital has been a contentious issue between the central bank and the government, said Hindustan Times.
This issue is seen as a reason for the sudden resignation of former governor Urjit Patel.
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