Punjab FM Harpal Cheema Demands States' Share From RBI’s Record ₹2.87 Lakh Crore Dividend Transfer
In a major political and economic development, Punjab Finance Minister Harpal Singh Cheema has launched a scathing attack on the BJP-led Central Government over the record-breaking dividend payout by the Reserve Bank of India (RBI). Following reports that the central bank has approved an unprecedented surplus transfer of nearly ₹2.87 lakh crore to the Union Government, the Aam Aadmi Party (AAP) leader expressed deep structural concerns. Cheema has strongly demanded that these massive, unexpected financial gains must be distributed among state governments, arguing that states are navigating the exact same inflationary pressures and economic challenges as the center.
A Historic Windfall Outside The Divisible Pool
The controversy erupted immediately after the RBI approved the transfer of ₹2.87 lakh crore to the Central Government out of its total projected income of around ₹4 lakh crore. According to financial analysts, this stands out as one of the highest dividend payouts ever made by the central bank since its inception. Speaking on the matter, Punjab Finance Minister Harpal Singh Cheema raised serious structural objections, highlighting that under the current financial framework, such massive windfall gains are kept entirely outside the divisible pool of taxes that the Centre is legally required to share with the states.
Demanding Fiscal Fairness Amid Rising Inflationary Pressures
The Punjab Finance Minister strongly advocated for the principles of cooperative federalism, stating that local state administrations are on the front lines of managing public welfare amidst rising fuel prices, global supply shocks, and macroeconomic uncertainties. Cheema noted that if the Union Government requires a financial buffer to manage its fiscal deficit, the state governments are facing identical budgetary constraints. He argued that denying the states a fair share of national economic gains while using the central bank as a custom fiscal cushion undermines the financial autonomy of regional administrations across India.
Warning Against Weakening The Autonomy Of The Central Bank
Beyond the debate over state shares, the Finance Minister raised a critical red flag regarding the institutional strength of India's monetary stabilizer. He warned that extracting excessive reserves from the RBI to balance the central government's fiscal deficit could weaken the nation's long-term economic resilience and immunity against global crises. Describing the RBI as the ultimate shock absorber of the country's financial system, Cheema appealed directly to the RBI Governor and its top leadership to fiercely protect the institutional independence, credibility, and financial buffers of the central bank, asserting that a resilient national economy cannot be built on the back of a weakened central institution.
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