Finance Minister receives SBI dividend cheque

A dividend cheque of Rs. ₹6,959.29 crore was given from SBI Chairman Dinesh Kumar Khara to Finance Minister Nirmala Sitharaman for FY 2023-24, as announced by the Finance Minister’s office on 21st June, 2024.

The official handle of the Finance Minister @nsitharamanoffc posted on X, “Smt@nsitharaman receives a dividend cheque of ₹6959.29 crore for FY 2023-24 from@TheOfficialSBI Chairman Shri Dinesh Kumar Khara.” The post noted that in the previous FY, the SBI paid the GOI its highest-ever dividend of Rs. 5,740 crore.

A substantial dividend payout of Rs. 2.11 lakh crore to the central government for FY 2023-24 was approved by the Reserve Bank of India (RBI), marking a significant rise from the previous FY’s payout. For FY24, the RBI reported a 141% increase in net income, driven by reduced expenditures and particularly lower provisions. 

The government expects dividends of approximately Rs. 1.02 trillion from the RBI, state-run banks, and other financial institutions, as highlighted in the documents of the interim budget.

By Shahrukh Ansari

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