Mumbai: RBI’s Balance Sheet Expands to Rs 70.47 Lakh Crore, Records Highest-Ever Dividend Payout
The Reserve Bank of India’s balance sheet grew by 11.08% to reach Rs 70.47 lakh crore as of March 2024, marking a substantial increase of Rs 7,02,946.97 crore from Rs 63.45 lakh crore in March 2023, as per the central bank’s annual report.
The net income for the fiscal year ending March 2024 stood at Rs 2.11 lakh crore, reflecting a decrease from Rs 1,30,875.75 crore in the previous fiscal year, after a provision of Rs 42,819.91 crore was set aside for the Contingency Fund (CF). No provision was made for the Asset Development Fund (ADF) similar to the previous fiscal year.
The RBI’s annual report noted significant growth in foreign investments, gold holdings, and loans and advances, contributing to a 13.90%, 18.26%, and 30.05% rise in assets, respectively. On the liabilities side, notes issued, deposits, and other liabilities increased by 3.88%, 27.00%, and 92.57%, respectively.
Domestic assets accounted for 23.31% of the total, while foreign currency assets, gold holdings (including gold deposits and holdings in India), and loans to financial institutions outside India constituted 76.69% as of March 31, 2024, compared to 26.08% and 73.92% in the previous year.
The RBI holds 822.10 metric tonnes of gold, with 308.03 metric tonnes backing notes issued as of March 31, 2024. The value of gold held by the Issue Department increased by 16.94% to Rs 1,64,604.91 crore from Rs 1,40,765.60 crore, driven by an increase in gold reserves and the depreciation of the Indian rupee against the US dollar.
Last week, the RBI approved its highest-ever dividend payout of Rs 2.11 lakh crore to the central government for the fiscal year 2023-24, surpassing the previous record of Rs 1.76 lakh crore in 2018-19.
