The dividend declared by the RBI is insufficient for the government

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Mumbai, Ta. 14 August 2020, Friday

With the impact on the country's economy due to the impact of the Corona, the gap in revenue in the exchequer is unlikely to be filled even through RBI payouts. The lockdown imposed by Corona and the slowdown in demand have had a significant impact on government revenues, especially through taxes.

The Reserve Bank has decided to pay Rs 216 crore to the government for its financial year July-June (2018-20). This amount will be paid as dividend. The decision was taken at a meeting of the RBI board here today. The meeting also decided to maintain a buffer rate of 7.50% for contingency.

Last year, the Reserve Bank's board paid Rs 1.3 trillion to the government, including Rs 1.3 trillion in dividends and another Rs 2.50 billion from its surplus capital.

The RBI board, headed by Reserve Bank Governor Shaktikant Das, met today. The government had hoped to get Rs 500 billion from the Reserve Bank in the current year.

In the last four decades, the country's economic growth rate is expected to be negative in the current financial year and the government's revenue is also seen to be much lower than the budget estimate. Various liberal measures are being taken to mitigate the economic impact of the coronavirus which has led to an increase in the budget deficit. The government is always looking to the Reserve Bank to make up for its shortfall.

In the current financial year, the government's fiscal deficit is projected to be 2.50 per cent of GDP, more than double the government's original target, an analyst said.

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