2023-05-16 06:12:30
The report said that the meeting will be held in Mumbai wherein it might review its finances and how much it can transfer to the government during its May board meeting.
For FY22, the central bank transferred a surplus of ₹30,307 crore to the Centre.
ET earlier in May had reported that the central government is likely to make windfall gains by way of annual dividend receipts from the RBI, which is estimated to have garnered substantial profits in foreign-currency trading and by lending to the local banking system following the rise in policy rates and liquidity drainage prompted high-street lenders to borrow more from the RBI.
The Budget has estimated receipts of ₹48,000 crore in FY24 by way of total dividends from public sector banks and the RBI.
“Given the large levels of dollar sales and low provisioning requirements, the RBI dividend is expected to exceed Budget estimates,” Gaura Sengupta, India economist, IDFC First Bank, said in her recent report. “We estimate that the dividend from the RBI might range between ₹70,000 crore and ₹80,000 crore. The better-than-expected RBI dividend will balance some of the risks facing tax revenue collections, from slower-than-budgeted nominal GDP growth.”In the previous financial year, the government aimed to garner Rs 40,953 crore from RBI and public sector financial institutions, much lower compared to the Budget Estimate of Rs 73,948 crore for FY23.As per the Budget document, dividends from public sector enterprises and other investments have been pegged at Rs 43,000 crore for FY24 as well.
As per the Revised Estimate for FY23, the dividend from public sector enterprises and other investments was higher at Rs 43,000 crore from the Budget Estimate of Rs 40,000 crore.
(With agency inputs)
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