New Delhi: The Bimal Jalan panel set up to review the economic capital framework of the Reserve Bank of India has decided to recommend transfer of excess reserves to the government over a period of three to five years based on a pre-determined formula. It will be submitted soon to the RBI after editing," an official of the panel said speaking under the condition of anonymity. Garg is said to be in favour of a one-time transfer instead of a staggered transfer of excess reserves to the government from RBI. In December last year, the RBI had set up the Jalan panel. Vishwanathan; and economic affairs secretary Subhash Chandra Garg.

Source: Mint July 17, 2019 08:26 UTC