RBI to transfer Rs 28,000 cr as interim dividend to governmenthttps://indianexpress.com/article/business/economy/rbi-to-transfer-rs-28000-cr-as-interim-dividend-to-government-5589794/

RBI to transfer Rs 28,000 cr as interim dividend to government

Today's decision of the transfer makes this the second consecutive year that the Reserve bank will be granting an interim surplus to the Centre. The RBI follows the July-June fiscal calendar. 

RBI to transfer Rs 28,000 cr as interim dividend to government
Today’s decision of the transfer makes this the second consecutive year that the Reserve bank will be granting an interim surplus to the Centre. The RBI follows the July-June fiscal calendar. (Express Photo by Tashi Tobgyal)

The Reserve Bank of India held a meeting of the Central Board Monday in New Delhi where it declared that it will give Rs 28,000 crore as interim dividend to the government for the half year ended December 31, 2018.

“Based on a limited audit review and after applying the extant economic capital framework, the Board decided to transfer an interim surplus of Rs 280 billion to the central government for the half-year ended December 31, 2018,” the central bank said in its statement. The interim surplus has been decided after a limited audit review and applying the Economic Capital Framework.

EXPLAINED | How RBI surplus transfers work

Today’s decision of the transfer makes this the second consecutive year that the Reserve bank will be granting an interim surplus to the Centre. The RBI follows the July-June fiscal calendar.

Earlier, addressing the post-Budget meeting of the Central Board, Finance Minister Arun Jaitley also outlined the diverse reforms and policy measures taken by the government over the last four years and its effects thereof.