Sat, 24 Oct 2020

New Delhi [India], July 17 (ANI): A committee set up to review the Reserve Bank of India's (RBI) economic capital framework has finalised its report and will submit it to the central bank soon, a senior official said on Wednesday.

The Bimal Jalan committee's report may recommend transferring RBI's surplus reserve to the government in tranches over three to five years. It could be submitted in the next 10 to 15 days, said the official who did not want to be named.

The six-member panel report was tasked to review the size of capital reserve surplus the RBI should hold. It is unlikely to be unanimous as there are reported differences among the members.

The panel was set up on December 26 last year after the Finance Ministry wanted it to follow the global best practices. The government believes that the RBI is over-capitalised and can transfer some part of its capital back to the Centre.

Its members include Economic Affairs Secretary Subhash Chandra Garg, members of the RBI Central Board Bharat Doshi and Sudhir Mankad, RBI Deputy Governor N S Vishwanathan and former Deputy Governor Rakesh Mohan. (ANI)

More Minnesota News

Access More

Sign up for Minnesota State News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!