• Thursday, January 23, 2020
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RBI board approves transfer of ₹1.76 lakh cr. to government

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

Source: https://www.thehindu.com/business/Economy/rbi-board-approves-176-lakh-cr-transfer-to-government/article29261534.ece

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