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Indian official says no proposal to ask RBI to transfer reserves

Reuters  |  MUMBAI 

(Reuters) - There is no proposal from the to ask the nation's to transfer its surplus reserves, said Chandra Garg, ministry, in a tweet on Friday.

He said the government's fiscal math "is completely on track" and dismissed earlier this week that it was seeking 3.6 trillion rupees ($49.51 billion) from the Reserve of India's reserves.

added that the only proposal concerning the reserves that the government was discussing was to fix the appropriate economic capital framework of the RBI. That framework is used to decide the adequate amount of reserves the should maintain.

The government and the RBI have been clashing on several issues including the reserves question, and a government proposal to ease the capital and lending curbs for state-run banks. The rift has widened sharply in the past few weeks and will be taken up at the RBI's forthcoming board meeting on November 19.

(Reporting by Suvashree Dey Choudhury; Editing by Martin Howell)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 15:02 IST