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Government poised to get Rs 10,000 crore dividend from RBI

Prime Minister Narendra Modi’s administration is seeking additional funds following a plan to boost spending and shore up support ahead of 2019 general elections widened the government’s fiscal deficit goal.

business Updated: Mar 06, 2018 16:52 IST
Siddhartha Singh
Siddhartha Singh
Bloomberg
RBI,Narendra Modi,RBI payout
The Reserve Bank had earlier declined requests from the government for an additional payment after the dividend payout dropped to a five year low.(Pradeep Gaur/Mint)

The Indian government expects to receive Rs 100 billion ($1.5 billion) as interim dividend from the Reserve Bank of India this month, people with knowledge of the matter said.

The amount has been calculated for the sixth month through Dec. 31, the people said asking not to be identified as the information is private. Reserve Bank of India’s financial year runs from July to June.

The Reserve Bank had earlier declined requests from the government for an additional payment after the dividend payout dropped to a five year low. Prime Minister Narendra Modi’s administration is seeking additional funds following a plan to boost spending and shore up support ahead of 2019 general elections widened the government’s fiscal deficit goal.

Finance Minister spokesman D.S. Malik was not immediately available for a comment while RBI spokesman Jose Kattoor did not reply to an email seeking comment.

First Published: Mar 06, 2018 16:32 IST