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RBI surplus transfer to the government — the annual “RBI dividend”

Q: How much surplus (dividend) did the RBI transfer to the government for 2024-25?

The Reserve Bank of India transferred a surplus of about Rs 2.69 lakh crore (roughly Rs 2,68,590 crore) to the central government for the accounting year 2024-25, a record, approved by its Central Board on 23 May 2025. That is up from about Rs 2.11 lakh crore for 2023-24. These figures are rounded and approximate; the RBI announces the exact amount each year through its Central Board and Annual Report.

Q: Why does the RBI pay a surplus to the government?

The Reserve Bank of India earns income -- mainly interest on its holdings of domestic and foreign government securities, gains on foreign-exchange operations, and returns on its large asset portfolio -- while its running costs are comparatively small. Under Section 47 of the RBI Act, after providing for expenses, bad and doubtful debts, depreciation, staff and superannuation funds, and the contingency and revaluation buffers it decides to keep, the remaining surplus is paid to the central government, which owns the RBI. The government counts this as non-tax revenue in the Union Budget, so a larger RBI surplus eases the fiscal deficit.

Q: What is the Economic Capital Framework and the Contingency Risk Buffer?

The Economic Capital Framework (ECF) governs how much capital the RBI keeps as a cushion against risks before transferring the rest as surplus. It was recommended by the Bimal Jalan committee in 2019 and reviewed again in 2025. A central element is the Contingency Risk Buffer (CRB), a provision held against monetary, financial-stability and operational risks. Under the revised framework the CRB is maintained within a band (about 4.5% to 7.5% of the balance sheet); the RBI set it near the upper end for 2024-25. The bigger the buffer the RBI chooses to hold, the smaller the surplus paid out, and vice versa, which is why the transfer can swing sharply from year to year.

Quick answerThe RBI surplus transfer is the profit the Reserve Bank of India pays each accounting year to the central government, which owns it — popularly called the “RBI dividend”. For 2024-25 it was a record ~Rs 2.69 lakh crore (approved by the RBI Central Board on 23 May 2025), up from ~Rs 2.11 lakh crore for 2023-24. It is one of the largest single lines of non-tax revenue in the Union Budget, so a bigger transfer directly eases the government’s fiscal deficit. The amount swings year to year because the RBI first sets aside its Contingency Risk Buffer under the Economic Capital Framework. Figures are official, rounded and approximate.

The chart shows the RBI surplus transferred to the government by accounting year, in Rs lakh crore. The table below carries the same figures so the page is readable without JavaScript — for accessibility and AI answer engines.

RBI surplus transfer by accounting year (Rs lakh crore)

Accounting year	Surplus transferred	Note
2018-19	~Rs 1.76 lakh cr	Large one-off: included ~Rs 52,637cr of excess provisions released on the Bimal Jalan ECF committee; July-June year
2019-20	~Rs 57,128 cr	Lower surplus; July-June accounting year
2020-21	~Rs 99,122 cr	Higher on forex/interest income; July-June accounting year
2021-22	~Rs 30,307 cr	9-month transition period (Jul 2021-Mar 2022) as the RBI moved to an April-March year
2022-23	~Rs 87,416 cr	First full April-March accounting year
2023-24	~Rs 2.11 lakh cr	Record at the time; strong forex gains and interest income
2024-25	~Rs 2.69 lakh cr	New record; approved by the RBI Central Board on 23 May 2025

All figures are rounded and approximate. The RBI changed its accounting year from July-June to April-March effective 2021-22, with a 9-month transition period (Jul 2021-Mar 2022) — which is why that year’s figure is not directly comparable. None of these figures is in the BankPulse Verified-numbers ledger pending reviewer sign-off. For exact figures see the source linked below.

RBI balance-sheet size (total assets, year-end)

The surplus is generated on a large and growing balance sheet. These year-end totals are rounded and approximate context, not exact figures.

Year-end	Balance-sheet size	Note
Mar 2021	~Rs 57 lakh cr	July-June year then in force
Mar 2022	~Rs 62 lakh cr	Transition to April-March year
Mar 2023	~Rs 63 lakh cr	First full April-March year
Mar 2024	~Rs 70 lakh cr	Balance sheet ~11% larger year-on-year
Mar 2025	~Rs 76 lakh cr	Continued growth in assets

What it means for bankers and the Budget

The RBI surplus is where monetary policy quietly meets fiscal policy. The Reserve Bank earns income on its huge holdings of domestic and foreign government securities, on its foreign-exchange operations and on the rest of its asset book, while its operating costs are tiny by comparison. Under Section 47 of the RBI Act, after it provides for risks and tops up its Contingency Risk Buffer, the remaining surplus is handed to the government that owns it. For the Finance Ministry this is one of the most reliable big-ticket items of non-tax revenue — a record ~Rs 2.69 lakh crore for 2024-25 gave the Budget real room. The transfer is volatile by design: a year of large forex gains or a decision to hold a smaller buffer lifts it, while a bigger buffer or weaker income pulls it down, as the swing from ~Rs 30,307 crore (the 2021-22 transition year) to ~Rs 2.69 lakh crore shows. For bankers it is worth watching because a strong RBI transfer reduces the government’s need to borrow, easing pressure on G-Sec yields and on system liquidity.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. Economic Capital Framework (ECF) · Contingency Risk Buffer (CRB) · Section 47, RBI Act.

More live dataExplore related BankPulse dashboards: Fiscal Deficit · Government Debt · Centre G-Sec Borrowing · Forex Reserves · G-Sec Yields.

RBI surplus transfer FAQ

How much surplus (dividend) did the RBI transfer to the government for 2024-25?

The RBI transferred about Rs 2.69 lakh crore (roughly Rs 2,68,590 crore) for 2024-25 -- a record, approved by its Central Board on 23 May 2025 -- up from ~Rs 2.11 lakh crore for 2023-24. Figures are rounded and approximate; the RBI announces the exact amount each year.

Why does the RBI pay a surplus to the government?

The RBI earns mainly interest on its government-securities holdings, gains on forex operations and returns on its asset portfolio, while its costs are small. Under Section 47 of the RBI Act, after provisions and the buffers it keeps, the remaining surplus is paid to the central government, which owns the RBI and counts it as non-tax revenue in the Budget.

What is the Economic Capital Framework and the Contingency Risk Buffer?

The Economic Capital Framework (ECF), from the Bimal Jalan committee (2019) and reviewed in 2025, sets how much capital the RBI keeps before transferring the rest. Its Contingency Risk Buffer (CRB) is held against risks within a band (~4.5%-7.5% of the balance sheet). A bigger buffer means a smaller surplus, which is why the transfer swings year to year.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable RBI surplus JSON feed.

Last reviewed 20 Jun 2026 by Vikram Jain

Source: RBI — Central Board press communications and Annual Report (surplus transfer under Section 47 of the RBI Act; Economic Capital Framework / Contingency Risk Buffer; balance-sheet size), rbi.org.in. Figures are rounded and approximate and are not in the BankPulse Verified-numbers ledger pending reviewer sign-off. We never reproduce source text verbatim. Reviewed by Vikram Jain. Last updated 20 Jun 2026, 12:30 IST.

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