The Reserve Bank of India (RBI) will pay Rs30,659 crore as surplus from operations (profit share) to the government for the year ended June 2017, less than half the Rs65,876 crore it paid for the previous year.
The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus to the Government of India amounting to Rs30,659 crore for the year ended 30 June 2017, the central bank stated in a brief website announcement.
The fall in RBI surplus fund combined with lower dividends from state-run banks will likely leave the government with a significant hole in its annual budget.
The government had expected Rs74,901 crore to come in from the central bank and dividend payments from state-run banks and other financial institutions. Economists had also projected Rs60000 crore coming in as RBI dividend.
RBI did not give reasons for the fall in surplus transfer.
RBI had in 2014-15 transferred Rs65,896 crore as surplus to govt and Rs52,679 crore in the year prior to that. The payout was less than Rs33,010 crore in 2012-13.