A high-level panel chaired by former Reserve Bank of India (RBI) governor Bimal Jalan, appointed to decide the appropriate capital reserves that the central bank should maintain, is planning to submit its report next month.
The six-member panel was appointed on December 26, 2018, for reviewing the Economic Capital Framework for the RBI.
The report on RBI’s economic capital framework will be submitted by the panel to the apex bank in June, revealed industry sources.
Reportedly, there will be one more meeting in June, prior to the submission of its report.
The panel has already been granted an extension beyond three months term. The committee was supposed to submit its report in 90 days from the first day of its meeting, held on January 8.
The other key members of the committee are Rakesh Mohan, former deputy governor of RBI as the vice-chairman, finance secretary Subhash Chandra Garg, RBI deputy governor NS Vishwanathan, and two RBI central board members — Bharat Doshi and Sudhir Mankad.
The panel has been assigned with the task of reviewing the best practices inculcated by the central banks worldwide in undertaking assessment and provisions for risks.