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vegassports-odds.com August 21, 2017


RBI dividend to govt halves to Rs 30659 crore

12 August 2017, 07:52 | Melvin Schneider

Note ban dents RBI income

RBI Surplus To Centre Falls Sharply To Rs 30659 Crore

Wednesday (9 August) said it will transfer a sum of Rs 30,659 as surplus to the government, far lower than the Rs 65,876 crore.

This is the lowest-ever surplus transfer by the RBI to the Centre since 2011-12 when it transferred Rs. 16,010 crore.

Since 2012-13, following the YH Malegam Committee's recommendations, the RBI has been transferring its entire surplus to the government.

Explaining the rationale, former RBI Deputy Governor R Gandhi said for the past few years, returns have been coming down because of negative interest rates in the developed countries.

The amount paid is less than half of the 658.76 billion rupees the RBI transferred to the government last year and also less than the 749.01 billion rupees the government had expected from the central bank this year.

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The Reserve Bank has halved its dividend payout to the government to Rs 30,659 crore for the fiscal ended June 2017, which analysts attributed to increased printing cost of new currency notes post demonetisation, among other reasons.

Given RBI's figures, it has become evident that other public banks will fare worse, thus giving rise to the grim prediction that fiscal deficit might increase from 3.2 per cent to 3.4 per cent this year. By that arithmetic, given that RBI is paying only Rs 30,659 crore, the amount has decreased by nearly Rs 28,000 crore for the fiscal year 2016-17.

In FY17, RBI's finances were impacted by the government's decision to demonetise old Rs 500 and Rs 1,000 notes on November 8, 2016, which led to a withdrawal of 86% of the currency in circulation. "Will RBI reveal breakdown of the Rs 50000 crore loss/expenditure?"

"There could be a couple of reasons for this decline", said Soumya Kanti Ghosh, chief economist, State Bank of India.

There were costs of printing a huge amount of new notes to replace the notes rendered invalid following demonetisation.



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