The RBI decides independently on the quantum of interim dividend to be paid to the Centre and a central bank committee is currently examining the issue, the government said on Monday.
Queried on the issue following the customary post-Budget Reserve Bank of India (RBI) board meeting here chaired by him, Finance Minister Arun Jaitley said it was the prerogative of the central bank to decide the quantum of RBI’s interim dividend to be paid to the government.
“The RBI takes an independent decision on the interim dividend,” Jaitley said.
RBI Governor Shaktikanta Das said a decision on the issue was yet to be taken and a committee was going into the issue.
“Once the matter is decided, it will be communicated. I cannot pre-judge on the issue… The committee is meeting to decide on the interim dividend,” he said.
The RBI’s audit board had recently taken up the matter. The RBI, which follows the July-June fiscal year, has already transferred Rs 40,000 crore in the current fiscal as interim dividend.
The Finance Ministry wants formal commitment on Rs 28,000 crore interim dividend. If RBI agrees to pay Rs 28,000 crore as interim dividend, the total surplus transfer to the government in the current fiscal would total Rs 68,000 crore .
Source : Times Of India