RBI announces record dividend of ₹2.11 lakh crore to Government for FY24
₹2.11 lakh crore to the Government of India for the financial year 2023-24. It was announced in the 608th meeting of the Central Board of Directors of Reserve Bank of India, which was held today, May 22, in Mumbai under the Chairmanship of Shri Shaktikanta Das, Governor.
“During accounting years 2018-19 to 2021-22, owing to the prevailing macroeconomic conditions and the onslaught of the Covid-19 pandemic, the Board had decided to maintain the CRB (Contingent Risk Buffer) at 5.50 percent of the Reserve Bank’s Balance Sheet size to support growth and overall economic activity. With the revival in economic growth in FY 2022-23, the CRB was increased to 6.00 percent.
As the economy remains robust and resilient, the Board has decided to increase the CRB to 6.50 percent for FY 2023-24. The Board thereafter approved the transfer of ₹2,10,874 crore as surplus to the Central Government for the accounting year 2023-24," said the RBI press release.
The Committee had recommended that the risk provisioning under the CRB be maintained within a range of 6.5 to 5.5 percent of the RBI’s balance sheet, it added. Milestone Alert!
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