Finance Minister receives SBI dividend cheque of Rs. 6,959.29 crore

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.

Smt @nsitharaman receives a dividend cheque of Rs 6959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara. pic.twitter.com/sxuXi8xc2Z

— Nirmala Sitharaman Office (@nsitharamanoffc) June 21, 2024

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.