India Is Said Poised to Get 100 Billion-Rupee Dividend From RBI
Government expects to receive $1.5 billion as interim dividend from RBI this month, sources said.
(Bloomberg) -- India’s government expects to receive 100 billion rupees ($1.5 billion) as interim dividend from the Reserve Bank of India this month, people with knowledge of the matter said.
The amount has been calculated for the six month through Dec. 31, the people said asking not to be identified as the information is private. Reserve Bank of India’s financial year runs from July to June.
The Reserve Bank had earlier declined requests from the government for an additional payment after the dividend payout dropped to a five year low. Prime Minister Narendra Modi’s administration is seeking additional funds following a plan to boost spending and shore up support ahead of 2019 federal elections widened the government’s fiscal deficit goal.
Finance Minister spokesman D.S. Malik was not immediately available for a comment while RBI spokesman Jose Kattoor did not reply to an email seeking comment.
To contact the reporter on this story: Siddhartha Singh in New Delhi at ssingh283@bloomberg.net.
To contact the editors responsible for this story: Arijit Ghosh at aghosh@bloomberg.net, Unni Krishnan
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