Jalan panel on RBI surplus hope to submit report in June

The Bimal Jalan-led committee tasked to make recommendations on the RBI's Economic Capital Framework regarding the central bank's reserves, will meet once again this month and hopes submit its report by end of June, panel Chairman Bimal Jalan said on Wednesday.

The committe met earlier in the day to dicuss the report.

"The report is still not final and there will be one more meeting over this. We will hopefully submit the report by the end of this month," Jalan told reporters here after the meeting.

Official sources, however, said there are differences of opinion among the panel on the amount to be recommended for transfer to the government as surplus from the Reserve Bank of India(RBI), but that the matter is still under discussion to reach a consensus.

According to the sources, the panel is against transferring reserves to the government, and is of the opinion that in case of a surplus transfer, it should be undertaken in a phased manner.

The RBI has current a surplus of Rs 9 lakh crore, of which the government wants a transfer Rs 3 lakh crore.

--IANS

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