India’s central bank says it has approved a record 2.86 trillion rupee ($29.9bn) payout to the government to help bolster New Delhi’s coffers at a time when public finances are strained due to high global oil prices, AFP reports.

The Reserve Bank of India (RBI) said its board had greenlit the “transfer of surplus” after taking into account current macroeconomic factors, its own financial performance and the “maintenance of appropriate risk buffers”.