FinMin seeks 27,380 cr from RBI to­wards risks, re­serves

Business Standard - - ECONOMY & PUBLIC AFFAIRS -

The fi­nance min­istry has sought from the Re­serve Bank of In­dia (RBI) ~27,380 crore that was with­held by the cen­tral bank to­wards risks and re­serves in the pre­vi­ous years, said sources.

The RBI had re­tained ~13,190 crore to­wards risks and re­serves dur­ing 2016-17. It in­creased to ~14,190 crore in 2017-18. To­gether, re­tained amount is ~27,380 crore.

The min­istry has re­quested the RBI to pro­vide an in­terim sur­plus for the cur­rent fis­cal on the anal­ogy of the pre­vi­ous fi­nan­cial year and trans­fer the amount with­held from the sur­plus of 2016-17 and 2017-18, sources said.

Ear­lier this month, Eco­nomic Af­fairs Sec­re­tary Sub­hash Chan­dra Garg had said the govern­ment ex­pects ~28,000 crore from the RBI as in­terim div­i­dend dur­ing the cur­rent fis­cal.

The RBI, which fol­lows July-June fi­nan­cial year, has al­ready trans­ferred ~40,000 crore in the cur­rent fis­cal.

If the cen­tral board of the RBI ap­proves trans­fer of ~28,000 crore re­quested by the govern­ment as in­terim div­i­dend for the cur­rent fis­cal, the to­tal sur­plus trans­fer by the cen­tral bank would be ~68,000 crore in 2018-19.

Ac­cord­ing to sources, the govern­ment ex­pects ~69,000 crore div­i­dend in the next fi­nan­cial year.

The govern­ment has pro­jected to mo­bilise ~82,911.56 crore as div­i­dend or sur­plus from the RBI, na­tion­alised banks and fi­nan­cial in­sti­tu­tions dur­ing 2019-20.

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