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Published on 17/07/2019 1:55:48 PM | Source: Reuters

Jalan panel report on transfer of central bank funds to be submitted to RBI `very soon` - Source

Posted in Economy News| #RBI #Economy #Banking Sector #Central Bank

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NEW DELHI - A Reserve Bank of India (RBI) panel formulating guidelines for transfer of the central bank's surplus funds to the government has finalized its recommendations and will be submitting its long-delayed report "very soon," a source familiar with the matter said on Wednesday.

The six-member panel, headed by former RBI Governor Bimal Jalan, was originally supposed to submit the report in April, but it was delayed due to a lack of consensus.

The reserve panel has suggested transfer of funds from RBI in tranches over 3-5 years, the source said. It was not immediately clear how much money the RBI will transfer to the government.

(Reporting by Aftab Ahmed; Editing by Kim Coghill)