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RBI approves surplus transfer of Rs 1.76 lakh crore to government

THE ASIAN AGE
Published : Aug 26, 2019, 9:08 pm IST
Updated : Aug 26, 2019, 9:08 pm IST

This follows the RBI board accepting the recommendation of high-level panel headed by its former governor Bimal Jalan.

The board of central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). (Photo: AFP)
 The board of central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). (Photo: AFP)

Mumbai: The Reserve Bank of India (RBI) on Monday decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.

This follows the RBI board accepting the recommendation of a high-level panel headed by its former governor Bimal Jalan on transfer of excess reserves to the government.

The board of central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), the RBI said in a statement.

Tags: reserve bank of india, surplus reserve, bimal jalan, excess reserves
Location: India, Maharashtra, Mumbai (Bombay)
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