RBI to transfer Rs 1.76 lakh crore surplus to government

RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for the year 2018-19. 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 surplus transfer includes Rs 1,23,414 crore in surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today,” a statement from the central bank said.

Finance Minister Nirmala Sitharaman had last week announced a slew of measures to prop up growth even as the government tried to stick to the target of keeping fiscal deficit at 3.3 per cent of the GDP.

News Desk

I am handling news desk for the news ark. I am post graduate in management.

Leave a Reply

Your email address will not be published. Required fields are marked *