Govt is expecting additional money from RBI as dividend: Subhash C Garg

Garg, speaking to reporters on the sidelines of an event in Mumbai, said the RBI had already transferred about Rs 300 billion for 2016-17

The government is expecting additional money from the Reserve Bank of India (RBI) as dividend this month, Subhash C Garg, secretary, Department of Economic Affairs, said on Thursday.

In August, the RBI had paid the government a dividend of Rs 306.59 billion for the year ended June 2017. The amount was less than half of Rs 658.76 billion it had paid in 2015-16. The RBI’s financial year runs from July to June.

The government is looking for additional funds from various sources, including dividends from state-owned entities and a transfer of surplus from the central bank, to bridge the fiscal deficit gap