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RBI to pay Rs 103-bn dividend to govt in Aug

Reserve Bank of India will transfer about Rs 103 billion to the government as dividend for 2001-02 by the middle of August, which would improve the Centre's cash position.

"We will pay the dividend of about Rs 103 billion in the middle of August," RBI Governor Bimal Jalan told reporters after a meeting with Finance Minister Jaswant Singh in New Delhi on Monday.

RBI is paying a higher dividend for the last fiscal compared to Rs 93.50 billion paid in 2000-01.

The dividend payment will improve the cash flow of the Centre, a senior government official said.

The bullish trends in the government securities market along with the higher income from forex reserves now at over $59.6 billion helped RBI to book higher profits and pay a higher dividend for the last fiscal.

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