Stealing from RBI won't work: Congress slams government over Rs 1.76 lakh crore surplus transfer
5 years, 4 months ago

Stealing from RBI won't work: Congress slams government over Rs 1.76 lakh crore surplus transfer

India Today  

A day after the Reserve Bank of India decided to transfer a record high surplus of Rs 1,76,051 crore to the government, the Congress party said "looting" the central bank would not help in reviving the economy. pic.twitter.com/wZQ6dqYtdi Congress August 27, 2019 "Stealing from RBI won't work - it's like stealing a Band-Aid from the dispensary & sticking it on a gunshot wound," Rahul Gandhi said. "Is it a sheer coincidence that the Rs 1.76 lakh crore borrowed by RBI matches with the 'Missing' amount in the Budget Calculations?" On Monday, the apex bank approved transfer of Rs 1.76 lakh crore dividend and surplus reserves to the government-a move expected to help the government stimulate the slowing economy without widening the fiscal deficit. RBI Governor Shaktikanta Das-led RBI central board gave the nod for transferring the record high surplus amount of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore excess provisions identified as per the revised Economic Capital Framework, said the RBI in a statement.

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History of this topic

India’s Fiscal Deficit Stands at Rs 8.5 Lakh Cr, 52.5 PC of Budget Target
1 week, 2 days ago

India’s Fiscal Deficit Stands at Rs 8.5 Lakh Cr, 52.5 PC of Budget Target

Deccan Chronicle  

New Delhi: Crossing the halfway mark in the first eight months of the year, India’s fiscal deficit stood at Rs 8.5 lakh crore or 52.5 percent of the Budget target. “Net tax receipts for the first eight months of the current financial year were at Rs 14.43 lakh crore, or 56 per cent of the annual target, compared with Rs …

RBI's Balance Sheet Rises 11 pc to Rs 70.47 Lakh Cr in FY24
7 months, 1 week ago

RBI's Balance Sheet Rises 11 pc to Rs 70.47 Lakh Cr in FY24

Deccan Chronicle  

In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as of March 2023. The central bank's net income stood at Rs 2.11 lakh crore at end-March 2024 after making a provision of Rs 42,819.91 crore, significantly down from Rs 1,30,875.75 crore in the preceding fiscal. Last week, the RBI approved the highest-ever dividend payout of …

RBI board approves transfer of ₹2,10,874 crore surplus to Centre for FY24
7 months, 2 weeks ago

RBI board approves transfer of ₹2,10,874 crore surplus to Centre for FY24

The Hindu  

In a windfall gain for the Centre, the Central Board of Directors of the Reserve Bank of India on Wednesday approved the transfer of a record ₹2,10,874 crore as surplus to the Union government for the accounting year 2023-24. “The Board also discussed the working of the Reserve Bank during the year April 2023 – March 2024 and approved the …

RBI approves ₹2.11 lakh crore dividend payout to govt for 2023-24
7 months, 2 weeks ago

RBI approves ₹2.11 lakh crore dividend payout to govt for 2023-24

The Hindu  

The Reserve Bank of India on May 22 approved a ₹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 …

RBI Surplus Transfer to Govt at 44%; Lowest in Last 7 Years: Former Fin Secy SC Garg
4 years, 4 months ago

RBI Surplus Transfer to Govt at 44%; Lowest in Last 7 Years: Former Fin Secy SC Garg

News 18  

Former Finance Secretary SC Garg said on Wednesday that the RBI transferred only 44 per cent of its surplus or income to the government, which is the lowest in percentage terms in the last seven years. Earlier this month, the RBI board approved a surplus transfer of Rs 57,128 crore to the central government for Accounting Year 2019-20. In August …

RBI to transfer ₹57,128 crore surplus to Centre for FY20
4 years, 4 months ago

RBI to transfer ₹57,128 crore surplus to Centre for FY20

The Hindu  

The board of the Reserve Bank of India has approved the transfer of ₹57,128 crore as surplus to the government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5%, the RBI said in a statement on Friday. “The Board reviewed the current economic situation, continued global and domestic challenges and the monetary, regulatory and …

Govt likely to cut spending by Rs 2 lakh crore in current fiscal: Report
5 years ago

Govt likely to cut spending by Rs 2 lakh crore in current fiscal: Report

India Today  

India’s government is likely to cut spending for the current fiscal year by as much as Rs 2 lakh crore as it faces one of the biggest tax shortfalls in recent years, three government sources said. The government has spent about 65% of the total expenditure target of 27.86 lakh crore rupees till November but reduced the pace of spending …

Explained: Where do the RBI’s earnings come from?
5 years, 4 months ago

Explained: Where do the RBI’s earnings come from?

The Hindu  

The story so far: On August 26, the Reserve Bank of India central board decided to transfer ₹1.76 lakh crore to the government, a move that is likely to address the Central government’s precarious fiscal situation. The massive payout has raised concerns that the government may be confiscating money from the RBI to meet its urgent spending needs, thus effectively …

RBI’s profit more than trebles in 2018-19 on lower expenses
5 years, 4 months ago

RBI’s profit more than trebles in 2018-19 on lower expenses

Live Mint  

Reserve Bank of India’s profit for 2018-19 more than trebles to ₹1.76 trillion owing to lower expenditure and higher other income, which has enabled a higher surplus transfer to the government. Simultaneously, other income rose nearly 20 times on a y-o-y basis to ₹86,199 crore after the central bank wrote back excess provisions from balance sheet to the profit and …

Why the RBI's Rs 1.76 lakh crore surplus transfer has sparked a debate
5 years, 4 months ago

Why the RBI's Rs 1.76 lakh crore surplus transfer has sparked a debate

India Today  

On August 26, the central board of the Reserve Bank of India decided to transfer a surplus of Rs 1.76 lakh crore to the government-its highest transfer ever-sparking a fierce debate. The surplus from the central bank comprised two components-Rs 1.23 lakh crore of surplus for the year 2018-19 and an additional Rs 52,637 crore of excess provisions that was …

RBI’s ₹1.76 trillion transfer to government to be balance sheet neutral
5 years, 4 months ago

RBI’s ₹1.76 trillion transfer to government to be balance sheet neutral

Live Mint  

Mumbai: The transfer of the Reserve Bank of India’s surplus to the government will not require the central bank to sell assets and won’t shrink the size of its balance sheet, a person aware of the development said. The person also said that finance secretary Rajiv Kumar, the government’s nominee on the Bimal Jalan committee, wanted RBI’s surplus, or the …

The numbers behind RBI’s ₹1.76 lakh crore payout to government: 10 points
5 years, 4 months ago

The numbers behind RBI’s ₹1.76 lakh crore payout to government: 10 points

Live Mint  

The Reserve Bank of India on Monday approved a record ₹1.76 lakh crore payout to the government, which is more than double the ₹68,000 crore that it provided the previous year. The ₹1.76 lakh crore transfer to the government includes ₹1.23 lakh crore as dividend to the government and ₹52,637 crore from its surplus capital. "Revaluation balances are highly volatile, …

Government should use RBI funds in a prudent manner
5 years, 4 months ago

Government should use RBI funds in a prudent manner

The Hindu  

After a long tug of war, the government has eventually had its way with the Reserve Bank of India, managing to get it to part with a portion of its accumulated reserves. The RBI board, on Monday, decided to transfer a massive ₹1,76,051 crore to the government, including a sum of ₹52,637 crore from its contingency reserve built over the …

Congress asks government to issue white paper on economy
5 years, 4 months ago

Congress asks government to issue white paper on economy

India TV News  

The Congress on Tuesday slammed the BJP government over the Reserve Bank of India transferring Rs 1.76 lakh crore in dividend and surplus reserves to the government and asked it to release a white paper within a week on the economy. But the current financial year's first quarter for which final figures would be out on August 30 was projected …

Windfall from RBI to give government ammunition to fight slowdown, boost capex
5 years, 4 months ago

Windfall from RBI to give government ammunition to fight slowdown, boost capex

India TV News  

A record windfall from the RBI under Governor Shaktikanta Das to the tune of Rs 1.76 lakh crore -- higher than the aggregate dividend paid out by the central bank in previous three years -- will give the Modi government ammunition to fight an ever-widening slowdown in the economy by spurring investment and giving sectoral stimulus. Given the expected revenue …

Explained | What does the ₹1.76 lakh crore transfer mean for RBI, government
5 years, 4 months ago

Explained | What does the ₹1.76 lakh crore transfer mean for RBI, government

The Hindu  

The Reserve Bank of India has decided to transfer ₹1.76 lakh crore to the Central government from its own reserves. The committee recommended that the RBI maintain a Contingent Risk Buffer — which mostly comes from the CF — of between 5.5-6.5% of the central bank’s balance sheet. Regarding the RBI’s economic capital levels — which is essentially the CGRA …

RBI to transfer highest-ever surplus of Rs 1.76 lakh cr to govt; all you need to know about central bank's excess capital
5 years, 4 months ago

RBI to transfer highest-ever surplus of Rs 1.76 lakh cr to govt; all you need to know about central bank's excess capital

Firstpost  

The Narendra Modi government and the RBI under its previous governor Urjit Patel had been at loggerheads over the optimum level of surplus capital with the central bank. Governor Shaktikanta Das-led RBI central board on Monday gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for the year 2018-19 …

Govt appropriated 99 pc of RBI's profits since 2014: Yechury
5 years, 4 months ago

Govt appropriated 99 pc of RBI's profits since 2014: Yechury

India TV News  

CPI general secretary Sitaram Yechury hit out at the Centre on Tuesday over the record cash transfer by the RBI, alleging that the government had "appropriated" 99 per cent of the profits of India's central banking institution since 2014. The Left leader's reaction came a day after the Reserve Bank of India approved the transfer of a record Rs 1.76 …

RBI windfall of Rs 1.76 lakh cr surplus to Centre supports deficit, offers a permanent avenue to raise resources
5 years, 4 months ago

RBI windfall of Rs 1.76 lakh cr surplus to Centre supports deficit, offers a permanent avenue to raise resources

Firstpost  

The government will get a bonanza of around Rs 86,000 crore over and above the budgetary provision of Rs 90,000 crore from the RBI The transfer of reserves of the Reserve Bank of India to the government was a known transaction. The RBI has stated that Rs 1.23 lakh crore would be in the form of surplus and the balance …

Is RBI's Rs 1.76 lakh crore payout to govt to boost fledgling economy?
5 years, 4 months ago

Is RBI's Rs 1.76 lakh crore payout to govt to boost fledgling economy?

India Today  

The government's long-term demand for more money from RBI was fulfilled on Monday. The Reserve Bank of India transferred Rs 1.76 lakh crore, including Rs 52,600 crore of excess capital to the central government account. Where this payout comes from The windfall gain of Rs 1.76 lakh crore from RBI to the government is the outcome of framework change. Last …

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation
5 years, 4 months ago

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation

Op India  

The Reserve Bank of India has decided to transfer an amount of ₹1,76,051 crore to the Government of India. The central bank took this decision by accepting the recommendations of Bimal Jalan Committee on surplus transfer to the government. The ₹1.76 lakh crore to be transferred consists of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of …

RBI to transfer record surplus of Rs 1.76 lakh crore to Government of India
5 years, 4 months ago

RBI to transfer record surplus of Rs 1.76 lakh crore to Government of India

India TV News  

The Reserve Bank of India on Monday approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit. Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising …

RBI to transfer Rs 1.76 lakh crore from surplus reserve to government
5 years, 4 months ago

RBI to transfer Rs 1.76 lakh crore from surplus reserve to government

India Today  

The Reserve Bank of India on Monday approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit. Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising …

Bimal Jalan panel to submit report to RBI soon; suggests transfer of cental bank’s surplus capital in tranches over 3-5 years
5 years, 4 months ago

Bimal Jalan panel to submit report to RBI soon; suggests transfer of cental bank’s surplus capital in tranches over 3-5 years

Firstpost  

The six-member panel, under former RBI governor Jalan was appointed on 26 December 2018, to review the economic capital framework for the RBI. The six-member panel, under former RBI governor Jalan was appointed on 26 December 2018, to review the economic capital framework for the Reserve Bank of India after the finance ministry wanted the central bank to follow global …

PM Modi, Congratulations on India’s First Post-Truth Budget
5 years, 11 months ago

PM Modi, Congratulations on India’s First Post-Truth Budget

The Quint  

Now besides suspect GDP data, India’s budget is an archaic statement based on a “cash accounting” policy. Just consider these examples: • Until this year, the government had moved nearly Rs 2 lakh crore of its food subsidy liability on Food Corporation of India balance sheet, which was borrowing from the National Small Savings Fund or EPFO or commercial banks. …

Finance Ministry expects Rs 69,000 cr in dividend from RBI in 2019-20; central bank has transferred Rs 40,000 cr this fiscal
5 years, 11 months ago

Finance Ministry expects Rs 69,000 cr in dividend from RBI in 2019-20; central bank has transferred Rs 40,000 cr this fiscal

Firstpost  

New Delhi: The finance ministry expects Rs 69,000 crore dividend from the Reserve Bank of India in the next financial year, sources said. If the central board of the RBI approves transfer of Rs 28,000 crore requested by the government as interim dividend for the current fiscal, the total surplus transfer by the central bank would be Rs 68,000 crore …

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