Finance Minister Sitharaman Receives Dividend Cheque Of Rs 5,740 Crore From SBI

SBI Chairman Dinesh Kumar Khara on Friday presented a check of Rs 5,740 crore to Finance Minister Nirmala Sitharaman as a dividend for the fiscal year 2022-23.

SBI had declared a dividend of Rs 11.30 per equity share (1,130 per cent) for the financial year ended March 31, 2023.

Source : Twitter/NSitharamanOffice

State Bank of India (SBI), on Friday, paid a dividend of Rs 5,740 crore to Finance Minister Nirmala Sitharaman for the financial year 2022-23. SBI Chairman Dinesh Kumar Khara presented the dividend cheque in the presence of Financial Services Secretary Vivek Joshi. This comes after a report claimed that the government is likely to receive recorcd dividends from listed public sector undertakings (PSUs). 

"Smt @nsitharaman receives a dividend cheque of Rs 5,740 crore for FY 2022-23, which is the highest-ever dividend given by State Bank of India to Govt of India for a financial year, from Shri Dinesh Kumar Khara, Chairman -@TheOfficialSBI. Secretary - @DFS_India Shri Vivek Joshi is also present on the occasion," the finance minister's office said in a tweet.

Smt @nsitharaman receives a dividend cheque of ₹ 5,740 crore for FY 2022-23, which is the highest-ever dividend given by State Bank of India to Govt of India for a financial year, from Shri Dinesh Kumar Khara, Chairman - @TheOfficialSBI. Secretary - @DFS_India Shri Vivek Joshi… pic.twitter.com/ZBtdsjACny

— NSitharamanOffice (@nsitharamanoffc) June 16, 2023

SBI had declared a dividend of Rs 11.30 per equity share (1,130 per cent) for the financial year ended March 31, 2023. For the full 2022-23, SBI's net profit increased 59 per cent to Rs 50,232.45 crore. The profit in the 2021-22 fiscal was Rs 31,675.98 crore. 

According to a report by Business Standard, the proposed final dividend from 67 PSUs indicates that the government is likely to receive a net dividend of approximately Rs 63,056 crore for FY23, which will be the highest-ever dividend. 

As per the report, the projected amount is approximately 25 per cent higher than the dividend of Rs 50,583 crore received in FY22 from listed state-owned companies. Moreover, the total dividend income for FY23 has the potential to increase even further, as PSUs like GAIL (India), Hindustan Copper, and Balmer Lawrie are still to announce their final equity dividend, the report said. 

The dividend for FY23 is also almost double the Rs 29,049 crore it received from these PSUs in FY19 before the pre-Covid financial year.

The government's dividend in PSUs is determined based on its shareholding in these companies. It is projected that the 67 listed PSUs will collectively contribute a total dividend of Rs 1.02 lakh crore for FY2023, surpassing the Rs 84,665 crore distributed in FY22.