Finance Minister Piyush Goyal may seek dividend, more bank recap from RBI on February 9

Piyush Goyali s expected to request an interim dividend from the RBI and also seek the next round of recapitalisation for Public Sector Banks.

Published: 04th February 2019 08:13 AM  |   Last Updated: 04th February 2019 08:13 AM   |  A+A-

Piyush Goyal

Interim Finance Minister Piyush Goyal (File | EPS)

By Express News Service

NEW DELHI: Interim Finance Minister Piyush Goyal is slated to address the Reserve Bank of India (RBI) Board members on February 9, two days after the Board presents its monetary policy. Apart from a general discussion on the financial health of banks, Goyal is expected to request an interim dividend from the RBI and also seek the next round of recapitalisation for Public Sector Banks.

“The Finance Minister will address the RBI Board on February 9. The meeting would be customary. The finance secretary is also likely to accompany him,” an official from Ministry of Finance told this publication.

“While the discussion would concentrate on the overall financial health of the banks and the recent proposals in the budgetary announcement, two crucial agendas would be the dividend from the RBI and recapitalisation of banks. The RBI Board would take up the government’s request for interim dividend for the current fiscal,” the official added.

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The government reportedly expects Rs 28,000 crore from the Reserve Bank as interim dividend for the current fiscal, based on the central bank’s financial position in the first half of the financial year. 
The RBI, which follows the July-June financial year, has already paid Rs 40,000 crore as dividend for the current fiscal.

It is important to note that the meeting will take place two days after the sixth monetary policy review, which is expected to take a call on policy rates.

Goyal, who was given additional charge of the finance ministry in the absence of Finance Minister Arun Jaitley, had earlier met chiefs of the state-owned banks to review financial performance of the Public Sector Banks.

Goyal, during his first stint as finance minister for 100 days last year, was instrumental in setting up a committee headed by non-executive chairman of Punjab National Bank Sunil Mehta to examine whether creation of an asset reconstruction company or asset management company would help in faster resolution of non-performing assets.

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