New Delhi :
State Bank of India (SBI), the largest public sector bank in the country, has paid a substantial dividend to the government for the financial year 2022-23.
On Friday, the Finance Minister, Nirmala Sitharaman, received the dividend check, presented by SBI Chairman Dinesh Kumar Khara.
The check amounted to Rs 5,740 crore, making it the highest dividend ever paid by SBI.
Biggest ever Dividend Payment
The Finance Minister’s official Twitter account announced the significant achievement, stating,
“We have received a record-breaking dividend check of Rs 5,740 crore for the financial year 2022-23. This is the largest dividend ever given by SBI to the Government of India in any financial year.”
The check was received by Dinesh Kumar Khara, and the event was attended by the Finance Minister,
the SBI Chairman, and Financial Services Secretary Vivek Joshi.
Moreover, SBI had declared a dividend of Rs 11.30 per equity share (1130 percent) on March 31, 2023.
Additionally, during the previous financial year, SBI contributed Rs 17,648.67 crore in taxes to the government.
Mutual Fund stakes Reduced
In other news, UTI Mutual Fund’s sponsors, namely SBI, Punjab National Bank, and Life Insurance Corporation of India, have initiated the process of reducing their stake in the country’s oldest fund house, UTI Mutual Fund.
Reliable sources indicate that these entities have sought advice from merchant bankers regarding the sale of their stakes.
Furthermore, SBI’s profitability has experienced a noteworthy increase.
A recent report highlights that the collective profits of public sector banks (PSBs) crossed the milestone of Rs one lakh crore during the last financial year (2022-23), with SBI accounting for nearly half of this amount.
This indicates that the profits earned by the 11 other public sector banks combined are nearly equivalent to those of the State Bank of India alone.
