RBI Approves Dividend Payout Of ₹ 57,000 Crore To Government | Read

The Reserve Bank of India (RBI) on Friday approved a dividend payout of ₹ 57,000 crore to the government for the current financial year. The development comes at a time when the government's fiscal deficit hit a record ₹ 6.62 lakh crore in the April-June period as the coronavirus pandemic-triggered lockdown affected government's revenue collections. Fiscal deficit - an indication of the total borrowings required by a government - occurs when revenue collections fall short of expenditure. The government had budgeted a dividend of ₹ 60,000 crore from the central bank and other state-run financial institutions.