Rs. 28,000 CR RBI PROFIT FOR GOVT

The Reserved Bank of India has given its nod to early transfer of a part of its profit to the government, which needs cash to fund its schemes ahead of the national elections due by May. So, it has accordingly approved Rs. 28,000 crore as interim dividend, according to a statement. This is the second straight year that the RBI has announced an advance payment to Prime Minister Narendra Modi's government. The government needs cash for funding an income support programme for farmers. At least, Rs. 20,000 crore is to go towards the first instalment of the $10.5 billion program by March 31.