Calculations reveal RBI's surplus transfer of Rs 1.76 crore is Rs 58000 crore

Published: Aug 28, 2019, 13:31 IST | mid-day online correspondent |

The government has budgeted Rs 90000 crore as the dividend for FY20

This picture has been used for representational purposes only
This picture has been used for representational purposes only

After calculations, the actual gain to the government from the surplus transfer of Rs 1.76 crore by the Reserve Bank of India is Rs 58000 crore. The RBI has already paid a dividend of Rs 28000 crore to the government in March 2019. The government has budgeted Rs 90000 crore as the dividend for FY20. The total (Rs 90000 crore + 28000 crore) comes to Rs 1.18 lakh crore. If the total is removed from 1.76 lakh crore then the actual gain to the government is Rs 58000 crore.

According to IDFC, fixed income head Suyash Choudhury, "The net liquidity injection from the RBI as a result of this exercise will amount to Rs 1,48,051 crore (Rs 1,76,051 crores minus Rs 28,000 crore already paid). This is against an expectation of normal budgeted dividend of Rs 90,000 crore. This is now updated for approximately Rs 58,000 crore of the excess transfer."

(with inputs from IANS)

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Edited by mid-day online desk with inputs from Agencies

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