Search the Internet          Tips  Sites: Finance, Investment

RBI to pay Rs 103-bn dividend to Centre for FY02

The Reserve Bank will pay a higher dividend of Rs 103 billion to the government for 2001-02, which would improve the Centre's cash position, economic affairs secretary C M Vasudev said on Thursday.

The dividend for 2001-02 is Rs 8.5 billion more than Rs 93.50 billion paid in 2000-01.

"The dividend transfer of Rs 103 billion by RBI to the government will be made immediately. It will improve the cash flow of the Centre," Vasudev told reporters in New Delhi.

The bullish trends in the government securities market along with higher income from forex reserves now at over $58 billion, helped RBI to book higher profits and pay a higher dividend for the last fiscal.

ALSO READ:
More Money Headlines