The RBI paid Rs 28,000 crores as interim dividend to govt during the last fiscal year. It paid Rs 10,000 crores as interim dividend in 2017-18.
Mumbai| The government might ask the Reserve Bank of India for funds to the tune of Rs. 30000 crores, a report in the Livemint said. According to the report, the govt is seeking the funds to meet its fiscal deficit target.
The government’s fiscal deficit target is 3.3 per cent of gross domestic product (GDP). To meet this target, the government is may ask the RBI for the dividend payment towards the end of the April-March financial year.
Also Read: Finance Minister: Government committed to meet fiscal deficit target of 3.3 per cent this year
The report further stated that sources in the government said that apart from the dividend, the govt also go for other measures to overcome the shortfalls. It may go for disinvestment and higher utilisation of National Small Saving Fund (NSSF).
However, this is not the first time the government has sought the dividend from the RBI. The apex banking authority in the country paid 28,000 crores as interim dividend to govt during the last fiscal year. Before that, the central bank paid Rs 10,000 crores as interim dividend in 2017-18.
Last month, the RBI approved government’s request for transferring a sum of Rs 1,76,051 crores.
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