In FY 24, the Government will get 30% more dividends from public sector banks.
In FY24, public sector banks net profit has grown about 37 per cent year-on-year to ₹1,41,203 crore.
The government will get around 30% more dividends from PSB due strong financial performance.
PSBs will pay total dividends of ₹18,013 crore to the government in FY24 as compared to ₹13,804 crore in 2023. Out of 12 PSBs, 10 have declared dividends.
State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank and Indian Bank are the top four PSBs to provide dividends.
State Bank of India declared the highest dividend of ₹13.70 per equity share (1370 per cent on equity share of Re 1 face value) in FY24.
SBI’s share is 39 per cent of the total public sector bank dividend paid to the government.
BoB with a dividend at ₹7.60 per equity is the second highest among PSBs. Canara Bank is in the third spot in terms of providing dividends to the government in FY 24.
Indian Bank’s Board has recommended a dividend of ₹12 per equity share, which is the fourth highest among PSBs.
