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RBI to give Rs 28,000 crore interim dividend to government

The Reserve Bank of India approved additional interim dividend payment of Rs. 28,000 crore to the government of India, which is desperate for cash to fund populist pledges ahead of a national election. This decision was taken at the meeting of the RBI’s Central Board in New Delhi.

“Based on a limited audit review and after applying the extant economic capital framework, the Board decided to transfer an interim surplus of Rs. 28,000 crore to the central government for the half-year ended December 31, 2018,” Reserve Bank of India said in a press release.

This is the second successive year that the Reserve Bank will be transferring an interim surplus.

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