MUMBAI: The Reserve Bank of India’s board approved the transfer of 2.69 trillion rupees ($31.53 billion) as surplus to the federal government for the fiscal year ended March, it said in a statement on Friday.
The government had budgeted a dividend of 2.56 trillion rupees from the Reserve Bank of India, state-run banks and other financial institutions, as per budget estimates for the fiscal year 2025/26 in February.
India’s foreign exchange reserves drop to five-week low
Analysts estimates had ranged between 2.7 trillion rupees to as high as 4 trillion rupees. In FY24, the RBI had transferred a record surplus of 2.11 trillion rupees.
The RBI board decided to raise the contingency risk buffer to 7.5% from 6.5% in the previous year.
