ALSO READRBI raises foreign investment limits in bonds, tweaks rules RBI outlines broad plans on $150 billion bank bad loan resolution RBI to expand oversight panel for stressed assets RBI outlines plans on bank bad loan resolution RBI imposes penalty on Sahebrao Deshmukh, Progressive Co-operative Bank in Mumbai
MUMBAI (Reuters) - The Reserve Bank of India (RBI) will pay 306.59 billion rupees ($4.78 billion) as a dividend to the government for the year ended June 2017, less than half the 658.76 billion rupees it paid the previous year, it said on Thursday.
The sharp decline will likely leave the government with a fairly significant hole in its annual budget.
The government had expected a combined amount of 749.01 billion rupees to come in from the central bank and dividend payments from state-run banks and other financial institutions. Economists had projected that about 600 billion rupees to 650 billion rupees of that would come in from the RBI dividend.
($1 = 64 rupees)
(Reporting by Mumbai bureau; Editing by Nick Macfie)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)