A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi. Photo: Reuters
The Reserve Bank of India (RBI) on Monday decided to transfer Rs 1.76 trillion 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.