New Delhi: The government expects the Reserve Bank of India (RBI) to pay a dividend of ₹69,000 crore ($9.63 billion) in the next fiscal year, a senior finance ministry source, who requested anonymity, told reporters on Tuesday.
Finance minister Piyush Goyal, in his annual budget for 2019-20 tabled in Parliament last week, estimated to get ₹82,911 crore through dividend from banks, financial institutions and the Reserve Bank of India next financial year.
The government has been pushing the RBI for more money ahead of what is expected to be a tight national election due by May.
As a row flared over fears that the central bank’s independence was being eroded, RBI governor Urjit Patel abruptly quit last month, and was replaced by former finance ministry official Shaktikanta Das.
Aside from tensions over the dividend payout, the government has also been critical of the RBI’s constraints on lending by state banks with high levels of non-performing loans.
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