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FinMin may push for Rs 25-30K cr interim dividend from RBI

By IndianMandarins- 22 Jan 2020
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Union finance ministry is expected to push for Rs 25,000-30,000 crore interim dividend from the RBI for the third time in a row. Reportedly with the interim dividend from the RBI, the govt wants to put a check to 3.3 percent fiscal deficit target slippage. Reportedly, the Finance Minister may take up the matter in a post-Budget.

The RBI paid a total Rs 38,000 crore as an interim dividend in the past. The government has a Budget estimate of Rs 90,000 crore dividend from RBI in FY20. The RBI follows July-June as FY and usually distributes dividend in August after annual accounts are finalised and interim dividends if any, they are given around February to the government.

For 2018-19, the RBI transferred a total of Rs 1.76 trillion to the government, including a one-time transfer of Rs 52,637 crore which was deemed as excess reserves and comprising Rs 1,23,414 crore of surplus for the year 2018-19. The government is fighting a six-year low growth, subdued demand, and consumption leading to projections of 5 percent growth.

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