Business/Economy

Modi Government questing Rs.13,000 crore of surplus from RBI

Modi Government questing Rs.13,000 crore of surplus from RBI

The Government is pleading to seek Rs. 13,000 crore of surplus left with the Reserve Bank of India. However, reports of them claiming any other special dividend has been blotted out by Economic Affairs Secretary Subhash Chandra Garg. 
He quoted in an interview with PTI: ”There is no proposal at this stage to ask for any special dividend. What is being discussed is to only ask for what the RBI earned this year but did not distribute. That is about Rs 13,000 crore, which is what the Government is seeking for."
RBI’s profit has amounted to Rs. 44,000 crore. Out of which, Rs. 30,000 crore is believed to be distributed while retaining the remaining amount of money as part of risks and reserves. The amount retained towards risks and reserves is being targeted by the Government.
Recently a month ago the Government has announced a remarkably unusual capital infusion of Rs. 2.11 lakh crore in PSU banks. Out of the grand., Rs.1.35 lakh crore would be infused through recapitalisation bonds while the remaining Rs. 76,000 crore through budgetary support and banks diluting equity in capital market.
Meanwhile, in August, the Central Bank has paid a dividend of Rs. 30,659 crore for the fiscal year June 2017, which is appealed to be less than half the Rs. 65,876 crore RBI sanctioned in 2015-16.