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Showing posts from August 26, 2019

RBI board to meet today; likely to take up Bimal Jalan committee report

The RBI board meeting on Monday to finalise its annual accounts, is also likely to take up the Bimal Jalan committee's recommendations on Economic Capital Framework (ECF) along with the dividend payment to the government, sources said. The committee had submitted its report to the RBI Governor on Friday. The report, which recommends transfer of surplus reserves to the government in a staggered manner over three-five years based on a predetermined formula, may be put on the Reserve Bank of India (RBI) website later for public access. The RBI follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised. For FY20, the government has pegged a Rs 9,000 crore dividend from the RBI. Sources had earlier told IANS that the RBI may start transferring the first tranche of the surplus this calendar, based on the Jalan panel report. With economy facing a slowdown in key sectors, the government is looking at RBI dividends and surplus to…