......The finance ministry has estimated a Rs 44,000-crore dividend from RBI, nationalised banks and financial institutions in 2013-14, about 73 per cent higher than the revised estimate for the current financial year. The bulk of the burden is expected from RBI and this would hit its own contingency pool, payments into which are net of such dividends......
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2 comments:
Govt can demand the dividend from RBI and it generally obliges also. But the fact that RBI has failed to take care of its own pensioners whose conditions are going from bad to worse and whose requirements can be met with a few lakhs or crores are being ignored by the Govt and the Bank, does not stand justice or logic or reasoning. Time FM and the Governor see the pathetic conditions of retirees of the Mighty Organisation and open their eyes.The issue is unfortunately pending to satisfy the EGO of some officials at some level.
For brevity and clarity, let me quote from my own comments on need to augment RBI's reserves and thereby strengthen the central bank's balance sheet recorded in August 2012 in the context of higher transfer of 'surplus' by RBI to GOI:
"To ensure that temptations of government emanating from external compulsions do not dilute the strength of RBI’s balance sheet, GOI should take measures to augment the share capital of RBI after carrying out appropriate amendments to RBI Act. Till such time RBI should be allowed to retain surplus income by transfer to reserves. Considering the size of its balance sheet and the internal and external pressures on its income generating capabilities, as also the nature of shocks the Bank has to absorb from time to time, the central bank’s reserves need to be augmented on an ongoing basis."
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