RBI board approves ₹1.76 lakh crore transfer to govt

The board of central bank to transfer a sum of ₹1,76,051 crore to the Government of India comprising ₹1,23,414 crore of surplus for the year 2018-19. Photo: iStock.

The Reserve Bank of India (RBI) on Monday (August 26) decided to transfer ₹1.76 lakh crore in dividend and surplus reserve to the government.

This follows the RBI board accepting the recommendation of a high-level panel headed by its former Governor Bimal Jalan on transfer of excess reserves to the government.

The board of central bank decided to transfer a sum of ₹1,76,051 crore to the Government of India comprising ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), the RBI said in a statement.