RBI may pay interim dividend of Rs. 10,000 cr.
- The government is likely to receive an interim dividend of Rs. 10,000 crore from Reserve Bank of India (RBI).
- According to the sources, the government expects the RBI to pay a total dividend of about Rs. 45,000 crore for financial year 2017-18.
RBI Act, 1934
- Under the RBI Act, 1934, the central bank is required to pay the government its surplus, after making provisions for bad and doubtful debts, depreciation in assets, and contribution to staff and superannuation fund, among others.
Earlier, dividend from RBI
- In August 2017, the RBI had paid a dividend of Rs. 30,659 crore for its fiscal year ended June 2017. It was less than half the Rs. 65,876 crore it had paid for 2015-16.
- The government has budgeted for a Rs. 58,000-crore dividend from RBI for the current fiscal year.