After RBI, the government will also get record dividends from banks

- Income of public sector banks increased significantly during the financial year as loan withdrawals increased

Mumbai: In the financial year 2022-23, due to the good performance of the public sector banks of the country, the government is expected to receive an amount of Rs 13,800 crore as dividend from these banks. The amount for FY 2023 will be fifty percent more than the amount of dividend received under FY 2022.

In the financial year 2022, the government received Rs 9210 crore as dividend.

12 public sector banks of the country are paying a total dividend of Rs 21000 crore for the financial year 2023. In terms of income and dividend, the last financial year is considered to be the best year so far for the public sector banks of the country.

The combined net profit of 12 public sector banks was a record Rs 1.05 trillion in the last financial year. An analyst said that the net profit of the last financial year was 57.30 percent higher than the Rs 66,540 crore of the financial year 2022.

It may be mentioned here that the Central Board of the Reserve Bank recently decided to pay a dividend of Rs 87416 crore to the Central Government for the ended financial year 2022-23. Compared to the dividend of Rs 30,307 crore paid in the financial year 2021-22, the dividend for the financial year 2022-23 has increased by 188 percent.

In addition to the Reserve Bank, receipt of higher dividends from public sector banks will be a favorable situation for the central government.

Banks' income increased significantly in FY2023 due to the increase in lending rates, due to which they are in a position to pay higher dividends.

The non-performing assets of banks have seen a decline in recent years due to stricter norms implemented by the RBI in respect of bad loans.