Bimal Jalan panel report may contain dissent note by Subhash Garg

The committee defers report on RBI's reserves transfer yet again; will submit it after the Budget

The Bimal Jalan committee, tasked with reviewing the economic capital framework of the Reserve Bank of India (RBI), has deferred the submission of its report to the central bank for the third time. The panel will meet again in mid-July, after the presentation of the Union Budget on July 5.

Also, Business Standard has learnt that the report would likely include a dissent note by Finance Secretary Subhash Garg, who is the government’s representative on the panel.

The main difference of opinion within the six-member panel is over the transfer of the RBI’s “excess” capital reserves. While most panel members are in