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Mumbai: The size of the Reserve Bank's balance sheet increased by 11.08 percent to Rs 70.47 lakh crore as of March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report.
In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as of March 2023.
The central bank's net income stood at Rs 2.11 lakh crore at end-March 2024 after making a provision of Rs 42,819.91 crore, significantly down from Rs 1,30,875.75 crore in the preceding fiscal. The amount made towards provisioning is transferred to the Contingency Fund (CF).
The net income during 2022-23 was Rs 87,420 crore.
Like 2022-23, no provision was made towards the Asset Development Fund (ADF) during the year under review.
The balance sheet of the Reserve Bank reflects activities carried out in pursuance of its various functions including issuance of currency as well as monetary policy and reserve management objectives.
Last week, the RBI approved the highest-ever dividend payout of Rs 2.11 lakh crore to the central government for 2023-24. The dividend or surplus transfer by the RBI to the Centre was Rs 87,416 crore for the fiscal 2022-23. The previous high was Rs 1.76 lakh crore in 2018-19.
According to the RBI's Annual Report for 2023-24, the increase on the assets side in the balance sheet was due to a rise in foreign investments, gold, and loans and advances by 13.90 percent, 18.26 percent, and 30.05 percent, respectively.
On the liabilities side, expansion was due to an increase in notes issued, deposits, and other liabilities by 3.88 percent, 27.00 percent, and 92.57 percent, respectively.
The RBI further said domestic assets constituted 23.31 percent while foreign currency assets, gold (including gold deposit and gold held in India), and loans and advances to financial institutions outside India constituted 76.69 percent of total assets as of March 31, 2024, as against 26.08 percent and 73.92 percent, respectively, as on March 31, 2023.
The Reserve Bank holds 822.10 metric tonnes of gold, of which 308.03 metric tonnes are held as backing for notes issued as of March 31, 2024.
The value of gold held as an asset of the Issue Department increased by 16.94 percent from Rs 1,40,765.60 crore as of March 31, 2023, to Rs 1,64,604.91 crore as of March 31, 2024.
RBI said this increase in the value of gold during the year is on account of the addition of 6.94 metric tonnes of gold, the increase in the price of gold, and the depreciation of the Indian rupee against the US dollar.
( Source : PTI )
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