RBI payouts Rs. 1.76 Lakh-Crore to Government

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To tackle a nearly five-year low economic growth with thoudands of job loss across different sectors, the Reserve Bank of India (RBI) on Monday approved a payout of Rs. 1.76 lakh crore to the government from its surplus and reserves.

The decision was taken after an expert committee chaired by former Governor Bimal Jalan made its recommendations to the central bank.

According to experts, the payout will likely help the government meet its tax revenue shortfall and fund higher spending.

It may be mentioned here that several economists have also lowered their growth projections for the economy in 2019-20.

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