The Reserve Bank of India is likely to pay the government Rs 57,000 crore in dividends in 2016-17, slightly less than the amount it paid in the current fiscal but much higher than that in earlier years.
The amount paid is slightly lesser than the previous fiscal year but much higher than the previous years Last year, the government received Rs.73,905 crores as dividends from various state owned banks and the RBI. This fiscal year it has estimated to receive Rs.69,897 crores.
- Earlier, RBI used to pay only a part of its income “defined as gross income less expenditure” to the government while the rest would go to its contingency fund and asset development fund.
- Since 2013-14, RBI has not been making allocations to these funds and has been instead distributing almost entire surplus to the government after meeting its spending. The surplus is usually transferred to the government in August after the RBI finalises its accounts, providing a timely boost to the go .
So lets do:
- Who is the Governor of Reserve bank of India?
- Recently RBI is likely to pay the govenment how much amount in dividends?
Source – The HIndu