MUMBAI: Reserve Bank of India will transfer a sum of 1,76,051crore to the Union Government — comprising 1,23,414crore of surplus for year 2018-19 and 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), which was adopted at a meeting of the Central Board of RBI on Monday.
The Bimal Jalan panel was tasked with the job of studying various matters and proposing the quantum of reserves RBI should maintain and the extent of dividends it should pay to the government. The panel submitted its recocmmendations to RBI on Friday last. =IHN-NN
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