Sunday 16 August 2020

RBI devidend pays Rs. 57,128 crore

The Reserve Bank of India (RBI) will pay a dividend of Rs 57,128 crore for the financial year 2019-20. Last year, it paid Rs 1.76 lakh crore. The government had pegged the RBI's dividend income at Rs 60,000 crore in the budget. However, government officials hoped that the RBI would pay even more.

 However, according to economists, it was not possible for the RBI to pay higher dividends to the government this year and the dividend paid by the RBI is as expected. However, under the Economic Capital Framework (ECF) adopted by the RBI board last year, the contingency risk buffer has to be kept at 5.5 to 6.5 per cent of the balance sheet.

 The RBI has decided to keep the buffer at 5.5 per cent. In the financial year 2018-19, the RBI paid a dividend of Rs 1,23,414 crore. An additional Rs 52,637 crore was also paid on the recommendation of the Bimal Jalan Committee.

 The RBI paid a dividend of Rs 50,000 crore in 2017-18 and Rs 30,659 crore in 2016-17. The RBI's financial year starts in July and ends in June. From next year, the RBI's financial year will also start in April and end in March.

 The RBI board meeting was held today. The meeting discussed the current economic situation of the country, global and domestic challenges facing the economy and the Cornwall epidemic. The creation of an innovation hub was also discussed at the meeting.

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