The RBI will pay a dividend of Rs 57,128 crore to the Modi government

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New Delhi, 14 August 2020 Friday

The Reserve Bank of India (RBI) will pay a dividend of Rs 57,128 crore to the government. The RBI took the decision on Friday. The decision was taken by the Central Bank Board headed by RBI Governor Shaktikanta Das through video conferencing. However, the board has decided to maintain 5.5% of the contingency risk buffer.

The RBI said in an official statement that the board has reviewed the current economic situation. Despite global, domestic challenges, financial, regulatory and economic impact despite the Covid-19 epidemic so far, the RBI has reviewed every step it has taken.

The RBI board also discussed a proposal to create an innovation hub. During the last year, various areas related to the functioning of the bank were discussed by the board. He also discussed the Reserve Bank's annual reports and accounts for 2019-20.

The board has also approved a transfer of Rs 57,128 crore to the central government as a surplus. Also, the central bank has decided to keep the contingency risk buffer at 5.5% for the year 2019-20.

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