SBI Research bid on giving record dividend to the govt...
After the lok sabha elections, a new government is going to be formed in the country on june 4, 2024. And whatever government will come to power, even before it comes, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has given such a gift to the incoming government that its wishes will blossom. On Wednesday, May 22, the Central bank under the chairmanship of RBI governor Shaktikanta Das approved giving a dividend of Rs 2.11 lakh crore to the government for the financial year 2023-24, which is the highest to date.
RBI made better use of global uncertainty
The country's largest bank sbi has issued a research note regarding this. It was said that such a high dividend given to the government is confirming that the RBI has used the ups and downs in its favor in a brilliant manner in this period of global uncertainty. The stock market has also welcomed this decision of RBI with great enthusiasm in Thursday's trading session. The benchmark yield has slipped below 7 per cent. It is believed that due to this decision of RBI, the fiscal deficit can be reduced by 30 to 40 basis points in the current year, which has been targeted at 5.1 percent of GDP in the interim budget for 2024-25. .
Bimal Jalan Committee had submitted recommendations
SBI Research has argued that the RBI has given a dividend of Rs 2.11 lakh crore to the government on the basis of the recommendations of the Bimal Jalan Committee. The Economic capital Framework was accepted on 26 august 2019 and on the basis of that it has been decided to transfer the surplus amount. RBI has decided to give 141 percent more dividends to the government as compared to the financial year 2022-23 when Rs 87,416 crore was given as dividends to the government that year.
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