RBI to transfer 25000 million USD to government |
India`s central bank, the Reserve Bank of India has decided to transfer 1.76 lakh crore rupees as dividend and surplus reserve to the government. In a statement issued from Mumbai on Monday, RBI informed that this amount includes over 1,23,000 crore rupees of surplus for the year 2018-19 and 52,637 crore rupees of excess provisions identified as per the revised Economic Capital Framework. The statement informs that RBI`s Central Board has accepted the recommendations of a high-level panel headed by former RBI Governor Bimal Jalan on transfer of excess reserves to the government. It adds that the Central Board has finalized RBI`s accounts for 2018-19 using the revised framework as suggested by the Jalan committee to determine risk provisioning and surplus transfer. The Union Budget 2019-20 had pegged dividend or surplus of the RBI, nationalised banks and financial institutions at Rs 1.06 lakh crore up from Rs 74,140.37 crore realised in the previous fiscal. The receipts from the RBI will give a fillip to the government`s efforts to boost the economy from a five-year low. The additional cash will now give the Centre more headroom for stimulating the economy.
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