‘No need for major changes in formula to calculate RBI dividend to govt’

The surplus amount to be transferred this month could be announced today or tomorrow. Economists peg the amount to be transferred around Rs 3 lakh crore.

Last year, the RBI had transferred Rs 2.11 lakh crore to the government. The Union Budget has estimated Rs 2.6 lakh crore as dividend from RBI and PSBs in FY26BE (v/s Rs 2.3 lakh crore in FY25).

“We estimate RBI dividend Rs 2.6 lakh crore to Rs 3 lakh crore, depending on the level of provisioning. The higher dividend creates a fiscal space of 0.1% to 0.2% of GDP,” says Gaura Sen Gupta, chief economist, IDFC First Bank.

According to an analysis by IDFC First Bank, RBI’s balance sheet rose by 6.7% Y-o-Y as of March 2025 against 11.4% as of March 2024. The expansion of the balance sheet was led by gold (55.7%, Rupee securities (14.3%) and foreign currency assets (1.3%).