Achi news desk-
The brisk profit from RBI is expected to ease the government’s budget deficit situation. The central government aims to contain the fiscal deficit to 17.34 lakh crore or 5.1% of the GDP, during the current financial year.
The Central Government got a big surprise from the Bureau Bank on Wednesday. The central bank approved the distribution of a dividend of 2.11 lakh million to the government for the years 2023-2024. This is the highest dividend ever paid to the government by RBI.
The previous record was Rs 1.76 lakh crore in 2018-19. Last year it paid Rs 87,416 crore.
The decision on the dividend was taken at the 608th meeting of the central board of the Reserve Bank of India, chaired by Governor Shaktikanta Das.
“The Board approved the transfer of Rs 2,10,874 crore as surplus to the Central Government for the financial year 2023-24,” the RBI said in a statement.
The brisk profit from RBI is expected to ease the government’s budget deficit situation. The central government aims to contain the fiscal deficit to 17.34 lakh crore or 5.1% of the GDP, during the current financial year.
The government budgeted only Rs 1.02 lakh crore from RBI and other government financial institutions.
The RBI board also reviewed the global and domestic economic scenario, including risks to the growth outlook.
The Board of Directors discussed the operations of the Reserve Bank during 2023-24 and approved its annual report and financial statements for the latest budget.
“With the resumption of economic growth in 2022-2023, the contingent risk buffer has been increased to 6.00 percent. As the economy remains robust and resilient, the Board has decided to increase the CRB to 6.50 percent for the period of 2023-2024,” the central bank added.
Posted: May 22, 2024, 4:55 PM IST
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