Public sector banks present Rs 6,481 crore in dividends to finance minister

PSBs Dividends: In a significant demonstration of their financial health and profitability, four major public sector banks, including Canara Bank and Indian Bank, presented dividend cheques totaling Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24.

The Finance Ministry shared on social media platform X that Finance Minister Sitharaman received a dividend cheque of Rs 2,514.22 crore from Bank of Baroda’s Managing Director and CEO, Debadatta Chand. This substantial dividend underscores the bank's strong performance and contribution to the national exchequer.

Canara Bank’s MD and CEO, K Satyanarayana Raju, handed over a dividend cheque of Rs 1,838.15 crore, highlighting the bank's solid financial results for the year. Similarly, Chennai-based Indian Bank, under the leadership of its managing team, paid a dividend of Rs 1,193.45 crore.

Bank of India, represented by its MD and CEO, Rajneesh Karnataka, delivered a dividend cheque amounting to Rs 935.44 crore. This contribution reflects the bank's consistent profitability and effective management strategies.

In addition to these banks, the Export-Import Bank of India (EXIM Bank), headquartered in Mumbai, provided a dividend cheque of Rs 252 crore for the fiscal year 2023-24. This payment further signifies the financial institution's robust performance and its role in supporting India’s export-import activities.

These substantial dividend payouts from the public sector banks and financial institutions illustrate their strong financial health and their crucial role in contributing to the government’s revenue. The presentation of these cheques is a testament to the effective management and profitable operations of these institutions during the fiscal year.

With PTI Inputs