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Economy

Bimal Jalan committee report on transfer of RBI surplus money to be submitted in 10 days

Updated : July 18, 2019 07:25 AM IST

A panel created by the Reserve Bank of India (RBI) to prepare guidelines for transfer of the central bank's surplus funds to the government has finalised its recommendations and will submit in 10-15 days, people familiar with the matter told CNBC-TV18.

The six-member panel, headed by former RBI governor Bimal Jalan, has suggested transfer of funds from RBI in tranches over 3-5 years, one of the persons said. All of them asked not to be named.

It was not immediately clear how much money the RBI will transfer to the government.

The panel was tasked to review the size of capital reserve surplus the central bank should hold, but there was no consensus, the persons quoted above said. The report, which was originally supposed to be submitted in April, was delayed due to the lack of consensus.

The panel was set up in December 2018 to review the economic capital framework (ECF) for the Reserve Bank after the finance ministry wanted it to follow the global best practices and transfer more surplus to the government.

CNBC-TV18 on June 26 reported that finance secretary Subhash Chandra Garg had expressed dissent in the panel and it is quite possible the report may now include a formal dissent note from the secretary.

The RBI's annual surplus transfers are key to the government bridging the budget deficit as it aims to lower the fiscal deficit to 3.0 percent of the gross domestic product next fiscal, from the 3.3 percent target this year.

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