RBI likely to transfer record up to INR 3.5 lakh crore dividend to govt — Report

MUMBAI — The Reserve Bank of India (RBI) is likely to transfer a record surplus dividend to the government for FY26, with the payout estimated between INR 2.7 lakh crore and INR 3.5 lakh crore, a report has said.

NDTV Profit reported that the RBI board is scheduled to meet on Friday to consider the surplus transfer.

If approved at the upper end of estimates, this would mark the highest-ever dividend payout by the central bank to the government.

Last year, the RBI had transferred a record Rs 2.69 lakh crore surplus to the Centre for FY25.

The sharp rise in the expected surplus comes after a year in which the RBI benefited from currency volatility, gains on foreign exchange operations and higher returns from investments.

A major contributor to the likely payout was the nearly 10 per cent depreciation in the rupee against the US dollar during FY26, which reportedly boosted valuation gains on the RBI’s foreign currency assets and expanded its balance sheet.

The central bank is also believed to have earned gains through active intervention in currency markets by selling dollars to curb excessive weakness in the rupee.

India’s foreign exchange reserves increased around 3 per cent during FY26 to nearly $688 billion, further supporting the RBI’s income profile.

Apart from foreign exchange operations, income from investments and currency printing activities also contributed to the expected surplus, the report said.

Over the past three financial years, RBI dividend payouts to the government have increased more than threefold, emerging as an important source of non-tax revenue for the Centre.

Meanwhile, a report released earlier this year had noted that non-tax collections remained strong during FY26, supported by a higher RBI dividend payout. It had projected the central bank’s dividend transfer to remain elevated at Rs 2-2.5 trillion in FY27, compared to around Rs 2.7 trillion in FY26.