Budget 2024: Government may set higher dividend target at Rs 70,000 crore from RBI, banks and FIs
financial institutions (FIs) in the next financial year. In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal.
The current financial year estimate has already exceeded the Budget target as RBI paid a dividend of Rs 87,416 crore.
With public sector banks and financial institutions posting good quarterly numbers during the current financial year, the dividend payout by them in the coming year would be higher compared to this year.
So, it would be feasible to expect about Rs 70,000 crore as dividend payout from RBI and financial institutions in FY'25, sources said.
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The government had pegged a 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24.
However, this target was very much surpassed with the transfer of Rs 87,416 crore as surplus to the central government for 2022-23 by the Reserve Bank.
During 2023-24, the Reserve Bank transferred a surplus of Rs 87,416.22 crore to the central government which is higher than both the amount transferred last year (Rs 30,307.45 crore) and the budgeted amount under Dividend/Surplus transfer of Reserve Bank of India, Nationalised Banks and Financial Institutions in the Union
