The Reserve Bank on Friday announced a record Rs 2.69 lakh crore dividend to be paid to the government for the fiscal ended March this year, 27.4 per cent more than the payout in 2023-24. The Reserve Bank had transferred Rs 2.1 lakh crore dividend to the government for the fiscal 2023-24.
The Reserve Bank on Wednesday approved a Rs 2.11 lakh crore dividend payout to the central government for 2023-24, more than double the amount it paid for the previous 2022-23 financial year. The decision was taken at the 608th meeting of the Central Board of Directors of the Reserve Bank of India held under the chairmanship of Governor Shaktikanta Das.
Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
ITC Limited is setting up a 25,000-tonne per annum capacity facility at a cost of Rs 35 crore at its Bollaram unit in Hyderabad for production of elemental chlorine-free (ECF) paperboards to be used for manufacture of paper cups.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
The additional cash will now give the Centre more headroom for stimulating the economy.
It also recommended that the RBI accounting year (July-June) may be brought in sync with the fiscal year (April to March) from the financial year 2020-21 as it could reduce the need for interim dividend being paid by the central bank.
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
Ahana, a second grade student of the Dhirubhai Ambani International School in Mumbai, managed to finish in third position in the tournament last weekend.
Cautious optimism over US-China trade talks after US President Trump said his trade negotiators had received two "very good calls" from Beijing also influenced the local currency, dealers said.
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
The board deliberated on the governance framework of the RBI and it was decided that the matter needs further examination
The Malegam committee on the RBI's capital adequacy had suggested that the RBI must move away from its methodology to calculate the foreign exchange gains to a weighted average cost-based valuation method. Central bank may done away with provisioning requirements, to enable higher transfer of surplus in the 2017-18 fiscal, analysts say.
The windfall from RBI may be used to trim borrowing, help fund Rs 3.3 lakh crore capex plan, capitalise banks and provide fiscal stimulus to some stressed sectors, experts and economists said.
A staunch defender of demonetisation, it would be interesting to see how he handles the government's increasing demand for more cash from the RBI, and letting some weak banks get out of prompt corrective action.
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