Reserve Bank of IndiaImage credit source: Pixabay
The news of great relief has come to the fore for the Government of India. The board of the Reserve Bank of India has approved the transfer of Rs 87,416 crore as surplus to the central government. According to the information given by the Board, the Board discussed the functioning of the Reserve Bank during the year April 2022 March 2023 and approved the Annual Report and Account of the Reserve Bank for the Account Year 2022-23.
The board decided to keep the contingency risk buffer at 6 per cent and approved the transfer of Rs 87,416 crore as surplus to the central government for the financial year 2022-23. In the previous financial year, the Central Bank had given a surplus of Rs 30,307 crore to the Central Government.
what was the target
There were reports in the beginning of May that the central government is likely to get windfall gains from the dividend from RBI. In the budget, it has been estimated to get Rs 48,000 crore in FY 2024 through total dividend from public sector banks and RBI. In the last financial year, the government had set a target of raising Rs 40,953 crore from the RBI and public financial institutions, which is much lower than the FY23 budget estimate of Rs 73,948 crore.
How much dividend can be received further
According to the budget document, the dividend from government enterprises and other investments has been pegged at Rs 43,000 crore for FY24 as well. According to the Revised Estimates for FY2023, dividends from government enterprises and other investments were Rs 43,000 crore higher than the budget estimate of Rs 40,000 crore. If experts are to be believed, RBI is expected to earn more in the financial year 2023-24. Because of which the government can get more dividend.