The Reserve Bank of India's balance sheet ballooned to Rs 70.47 lakh crore as on 31 March 2024, up 11.08% from Rs 63.45 lakh crore a year ago, as it got a big boost from foreign exchange operations.  

The bulge in size led the RBI to make its highest-ever dividend payout of Rs 2.11 lakh crore to the central government for 2023-24. The dividend or surplus transfer by the RBI to the Centre was Rs 87,416 crore for the fiscal 2022-23. The previous high was Rs 1.76 lakh crore in 2018-19.

The RBI, in its annual report for FY24, said the bank’s balance sheet size grew to 24.1% of gross domestic product (GDP) at the end of March 2024 from 23.5% in the earlier year. The balance sheet has now normalised to its pre-pandemic level.

The central bank's net income stood at Rs 2.11 lakh crore at end-March 2024, up 141.22% from Rs 87,420 crore a year ago. 

The RBI’s expenditure fell 56.29% year-on-year to Rs 64,694.33 crore. This included a provision of Rs 42,819.91 crore, which was significantly down from Rs 1,30,875.75 crore in the preceding fiscal.  The amount made towards provisioning is transferred to Contingency Fund (CF).

The balance in CF was Rs 4.28 lakh crore as of 31 March 2024 as against Rs 3.51 lakh crore a year ago.

According to the RBI's Annual Report for 2023-24, the increase on assets side in the balance sheet was due to rise in foreign investments (13.9%), gold (18.26%) and loans and advances (30.05%).

On the liability side, expansion was due to increase in notes issued (3.88%), deposits (27%) and other liabilities (92.57%).

The RBI further said domestic assets constituted 23.31% of total assets, down from 26.08%, while foreign currency assets, gold (including gold deposit and gold held in India) and loans and advances to financial institutions outside India constituted 76.69% of total assets as on 31 March 2024, as against 26.08% and 73.92%, respectively, as on 31 March 2023.

The Reserve Bank holds 822.10 metric tonnes of gold, of which 308.03 metric tonnes are held as backing for notes issued as on 31 March 2024.

The value of gold held as asset of Issue Department increased by 16.94% from Rs 1,40,765.60 crore as on 31 March 2023 to Rs 1,64,604.91 crore as on 31 March 2024.

RBI said this increase in the value of gold during the year is on account of addition of 6.94 metric tonnes of gold, increase in price of gold and depreciation of Indian rupee against the US dollar.