August 10, 2017 / 1:04 PM / 14 days ago

India cenbank dividend to govt halves to $4.78 bln - release

MUMBAI, Aug 10 (Reuters) - The Reserve Bank of India will pay 306.59 billion rupees ($4.78 billion) as a dividend to the government for the year ended June 2017, less than half the 658.76 billion rupees it paid the previous year, it said on Thursday.

The sharp decline will likely leave the government with a fairly significant hole in its annual budget.

The government had expected a combined amount of 749.01 billion rupees to come in from the central bank and dividend payments from state-run banks and other financial institutions. Economists had projected that about 600 billion rupees to 650 billion rupees of that would come in from the RBI dividend.

$1 = 64 rupees Reporting by Mumbai bureau; Editing by Nick Macfie

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