RBI showers ₹1.76 lakh crore bonanza on government
Special Correspondent
Mumbai, August 27, 2019 06:30 IST

RBI logo is pictured outside its head office in Mumbai. File   | Photo Credit: Reuters
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Reserve Bank of India
This follows the RBI board accepting the recommendation of a high-level panel headed by its former Governor Bimal Jalan
The Reserve Bank of India (RBI) at its board meeting on Monday decided to transfer a whopping  ₹1.76 lakh crore to the Centre — including interim dividend of ₹28,000 crore paid in February — which is likely to address the precarious fiscal situation of the government to a great extent.
The ₹1.76 lakh crore includes the central bank’s 2018-19 surplus of ₹1.23 lakh crore and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the Board meeting.
The RBI said as financial resilience was within the desired range, the entire 2018-19 net income of ₹1.23 lakh crore has been transferred.