In an attempt to help Centre in the fight to spur the slowing economy, the Reserve Bank of India (RBI) has approved a whooping amount of Rupees 1.76 lakh crore ($24.4 billion) as payout to the government. in an attempt to aid financially when it is try a spur to slowing economy.
The RBI in an official statement, which had been issued last evening, informed that this amount includes more than 1,23,000 crore rupees of surplus for the year 2018-19 and 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board.
The statement also stated that RBI’s Central Board has accepted the recommendations of a high-level panel headed by former RBI Governor Bimal Jalan on transfer of excess reserves to the government.
Further, it added that the Central Board has finalized RBI’s accounts for 2018-19 using the revised framework as suggested by the Jalan committee to determine risk provisioning and surplus transfer.