The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, will have one more meeting before finalising its report to be submitted to the apex bank by the month-end.
The six-member panel, under former RBI Governor Jalan was appointed on December 26, 2018, to review the economic capital framework (ECF) for the Reserve Bank after the Finance Ministry wanted the RBI to follow global best practices and transfer more surplus to the government.
The RBI has over ₹9.6 lakh crore surplus capital with it.
“The ECF panel will meet one more time and will submit the report by month-end,” an official told reporters here after the meeting.
The ECF panel was mandated to submit its report to the RBI within 90 days of its first meeting which took place on January 8. Following this, the panel was given a three-month extension.
Asked about the reason for delay in finalisation of the report, the official said, “There may be differences of opinion, but that is being discussed“. Other members include Rakesh Mohan, former Deputy Governor of RBI and Finance Secretary Subhash Chandra Garg.