 "RBI board approves surplus transfer of Rs 2.11 trillion to govt for FY24")
The Reserve Bank of India's board approved transfer of Rs 2.11 trillion ($25.35 billion) as surplus to the federal government for the fiscal year ended March, it said in a statement on Wednesday.
As per the interim budget estimates for fiscal year 2024/25, the Narendra Modi-led government had budgeted for a dividend of Rs 1.02 trillion from the central bank, state-run banks and other financial institutions.
In FY23, the RBI had transferred Rs 87,416 crore to the government as surplus.
The RBI said the board decided to raise the contingency risk buffer to 6.5% from 6% previously.