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Centre prevails over RBI to release ₹176,000-cr surplus

Aug 26, 2019 21:12 IST

The Central Board of the Reserve Bank of India accepted the Bimal Jalan Committee recommendations on surplus transfer on Monday. Following the board meet, the central bank decided to transfer ₹1.76 lakh crore in dividend and surplus to the government. The transfer will include ₹1,23,414 crore to the government for financial year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework or ECF adopted at its board meet. The decision comes after the central bank last year constituted a six-member committee headed by former RBI governor Bimal Jalan, which was tasked with examining the central bank’s requirements on provisions, reserves and buffers.