Reserve Bank will allow 1.76 lakh crore to be used by the government

Out of 1.76 lakh crore, 1.23 lakh crore will be given in the form of surplus and 52,637 crore under the provision of ECF. 280 billion were found

New delhi date. August 26, 2019, Monday

The Central Bank of India's Reserve Bank of India has approved a transfer of Rs 1760 billion to the government. The RBI decision will help the government to announce various steps to boost the economy. By March, 2020, the government will get Rs 1480 billion from the RBI.

According to an official present at the RBI board meeting, this amount is 64 per cent higher than the target of Rs 900 billion set in the budget. The additional Rs 580 billion will help the government to cover its declining income.

The government received Rs 280 billion from the RBI in March. In the last financial year, the RBI paid Rs 680 billion to the government for dividend.

The recommendations of the Bimal Jalan Committee have been approved in a meeting of the RBI Board in Mumbai today. Of the Rs 1760 billion, Rs 1230 billion will be provided in the surplus for FY 2018-19 and Rs 52,637 crore will be provided under the Revised Economic Capital Framework (ECF).

The Central Board has accepted all the recommendations of the Bimal Jalan Committee, the RBI said in a statement. The annual accounts of RBI 2018-19 have been finalized according to the Revised Framework.

The Central Board has decided to maintain an equity level of 5.5 percent of the balance sheet. Currently the level is 6.8 percent. As of June 30, 2019, the financial flow of RBI was higher than the central banks of other countries in the world.

At today's meeting, the Reserve Bank of India reviewed the current economic situation, global and domestic challenges. Today's meeting was chaired by RBI Governor Shaktikanta Das.

RBI Deputy Governors NS Viswanathan, Mahesh Kumar Jain were also present at the meeting. In addition, the Secretary of Finance, the Secretary of the Department of Financial Services and the Secretary of Economic Affairs were present.