NEW DELHI (Reuters) – India’s central bank, having changed management last month following a clash with the government, is likely to transfer an interim dividend of 300-400 billion rupees ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter.
The dividend could help Prime Minister Narendra Modi’s administration bridge a widening budget deficit following a drop in tax collections, and would come after the government pushed the RBI for the additional funds ahead of a national election due by May.
Former - Finance - Ministry - Official - Shaktikanta
Former finance ministry official Shaktikanta Das was appointed as the new governor of the Reserve Bank of India (RBI), following resignation of Urjit Patel last month amid tensions over the dividend payout and other issues.
The government and RBI have...
Wake Up To Breaking News!