Rs 27,380 cr sought from RBI

This amount was re­tained by the cen­tral bank to­wards risks and re­serves in pre­vi­ous years

The Free Press Journal - - FRONT PAGE -

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

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

Ear­lier this month, Eco­nomic Af­fairs Sec­re­tary Sub­hash Chan­dra Garg had said the govern­ment ex­pects Rs 28,000 crore from the RBI as in­terim div­i­dend dur­ing the cur­rent fis­cal. The RBI, which fol­lows a July-June fi­nan­cial year, has al­ready trans­ferred Rs 40,000 crore in the cur­rent fis­cal.

If the cen­tral board of the RBI ap­proves fur­ther trans­fer of Rs 28,000 crore, as re­quested by the govern­ment as in­terim div­i­dend for the cur­rent fis­cal,

the to­tal sur­plus trans­fer by the cen­tral bank would be Rs 68,000 crore in 2018-19. Ac­cord­ing to sources, the govern­ment ex­pects Rs 69,000 crore div­i­dend in the next fi­nan­cial year. The govern­ment hopes to mo­bilise Rs 82,911.56 crore as div­i­dend or sur­plus from the RBI, na­tion­alised banks and fi­nan­cial in­sti­tu­tions dur­ing 2019-20. Af­ter mak­ing pro­vi­sion for bad and doubt­ful debts, de­pre­ci­a­tion in as­sets, con­tri­bu­tion to staff and su­per­an­nu­a­tion fund and for all other matters for which the pro­vi­sion is to be made un­der the en­abling leg­is­la­tion, the bal­ance of the prof­its shall be paid to the cen­tral govern­ment, as per the RBI Act.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.