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State Bank of India pays Rs.7000 crore dividend to Central Government


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On June 21, the State Bank of India made a significant contribution to the Central government by presenting a cheque of Rs 6,959.29 crore as its dividend income for the financial year 2023-24. This amount surpassed the previous year’s record, demonstrating the bank’s continued growth and success.

The chairman of the State Bank of India, Dinesh Kumar Khara, personally handed over the cheque to Union finance minister Nirmala Sitharaman. The finance minister expressed her gratitude and acknowledged the bank’s substantial contribution. She shared the news on her official social media account, stating, “Smt @nsitharaman receives a dividend cheque of Rs 6,959.29 crore for FY 2023-24 from @TheOfficialSBI chairman Shri Dinesh Kumar Khara.”

This impressive dividend payment follows the bank’s previous year’s contribution of Rs 5,740 crore, which was already a record-breaking amount. The State Bank of India continues to strengthen its position as the largest public sector lender in the country.

In addition to the State Bank of India, the Bank of Maharashtra also presented a cheque to the finance minister. The Bank of Maharashtra contributed Rs 857.16 crore as its dividend payment for the March-ended financial year. Nidhu Saxena, the managing director and chief executive officer of the bank, handed over the cheque on behalf of the institution.

On the same day, June 21, the finance minister chaired the fourth pre-Budget consultation meeting with various farmers’ associations and agriculture economists. This meeting was an essential step in gathering valuable insights and recommendations to shape the upcoming budget. Alongside Nirmala Sitharaman, Union Minister of State for Finance Pankaj Chaudhary, Finance Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, and senior officers from the agriculture and corporate affairs ministry were present. Chief Economic Adviser V Anantha Nageswaran also attended the meeting, contributing his expertise to the discussions.

Overall, June 21 was a significant day for the financial sector, with the State Bank of India and the Bank of Maharashtra making substantial dividend payments to the government. Additionally, the finance minister’s engagement with farmers’ associations and agriculture economists showcased the government’s commitment to inclusive economic growth and development.

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