RBI to transfer interim surplus of nearly $4 bn to govt

The Reserve Bank of India (RBI) on Monday decided to transfer an interim surplus of 280 billion rupees ($3.92 billion) to the government for the half year ended Dec. 31.

The central bank's board announced it after a post-budget meeting with Finance Minister Arun Jaitley and other ministry officials in New Delhi.

This was on top of 500 billion rupees paid to the government in August 2018, including 100 billion rupees interim dividend paid in March 2018.

Prime Minister Narendra Modi's government has been pushing the RBI for more money ahead of what is expected to be a tight national election due by May to fund a widening fiscal deficit.