Bimal Jalan Committee to submit its report soon

The Bimal Jalan Committee on Economic Capital Framework will be soon submitting its report to Reserve Bank of India(RBI) Governor Shaktikanta Das. The Committee has met for the last time today to give final touches to the report, according to the sources.

Bimal Jalan

It will be decided on the basis of recommendations that what share of RBI’s reserves should be transferred to the Government.

 “It has suggested a transfer of funds from RBI in tranches over three-five years,” a source said, while adding that the report will reflect some differences among panel members.

It is also believed that Finance Secretary Subhash C Garg, had a difference of opinion and it will be part of the report.

The panel was set up on December 26, 2018, to review the Economic Capital Framework (ECF) of the RBI after the finance ministry asked the RBI to follow the global best practices and transfer more surplus to the government.

The central bank has over Rs 9.6 lakh crore surplus capital with it.

The ECF panel was asked to submit its report to the central bank within the 90 days of their meeting held on January 8. The panel was also given a three -month extension.

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