RBI News: Board meeting has been held in Mumbai under the chairmanship of RBI Governor Shaktikanta Das.
Reserve Bank of India: The Reserve Bank of India board in its meeting has approved giving Rs 87,416 crore as dividend to the central government. In the financial year 2021-22, RBI had given Rs 30,307 crore as dividend to the central government. Along with this, the RBI board has decided to increase the contingency risk buffer from the current level of 5.5 per cent to 6 per cent.
RBI said in its statement that the current global and domestic economic situation was reviewed in today’s board meeting. Also, the challenges related to the current global global political developments and its effects were reviewed. The functioning of RBI was also reviewed from April 2022 to March 2023 under the chairmanship of RBI Governor Shaktikanta Das. In this meeting, the accounts of RBI were approved along with the annual report of RBI for the financial year 2022-23.
In the 2023-24 budget, the government had set a target of getting a dividend of Rs 48000 crore, including banks and RBI. Last year, when the government had set a target of Rs 73,948 crore as dividend for bank-RBI, it got only Rs 40,953 crore. But this year it has received more dividend than the government’s estimate. After this excellent dividend received by the government from RBI, the Modi government will be helped in reducing the fiscal deficit. Anyway, it is an election year, so the government needed this fund to fulfill the populist announcements.
Apart from Governor Shaktikanta Das, Deputy Governors Mahesh Kumar Jain, Michel Debabrata Patra, Rajeshwar Rao, T Rabi Shankar attended the RBI board meeting. Apart from this, other directors of the board Satish K Marathe, Revati Iyer, Sachin Chaturvedi, Aavand Mahindra, Pankaj Ramanbhai Patel and Ravindra Dholakia also attended the meeting. Economic Affairs Secretary Ajay Seth attended the meeting on behalf of the government.
