NEW DELHI: India's central bank board on Monday approved the transfer of 1.76 trillion rupees to the government, the bank said in a statement, a move that could help New Delhi to stimulate the economy without fiscal slippage.

The government will get 1.48 trillion rupees ($20.70 billion) from the Reserve Bank of India in the financial year ending in March 2020, more than 64% against the budgeted target of 900 billion rupees, an official, who attended the board meeting told Reuters.

The government has already got 280 billion rupees from the central bank in March.

The RBI had paid 680 billion rupees as dividend to the government in the previous fiscal year.