Jalan panel still working on report on RBI's capital size, to meet 13 June: Garg

  • Garg, who is a member of the six-member panel headed by the former RBI governor, said the report has not been finalised yet
  • The panel has been entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessment and provisions for risks

The Bimal Jalan panel, set up to determine the suitable capital reserves for the RBI, will maintain its subsequent assembly on 13 June, said Finance Secretary Subhash Chandra Garg on Thursday, IANS reported.

The six-member Jalan panel was appointed on December 26, 2018 to review the Economic Capital Framework for the Reserve Bank of India. It was set up to decide the appropriate capital reserves that the central bank should maintain.

Garg, who is a member of the six-member panel headed by the former RBI governor, said the report has not been finalised yet.

Earlier in the day at another event he had said the panel had sought three-month extension and was still working on the report.

The other key members of the committee include Rakesh Mohan, former deputy governor of RBI as the vice-chairman, RBI deputy governor NS Vishwanathan, and two RBI central board members -- Bharat Doshi and Sudhir Mankad.

The panel has been entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessment and provisions for risks.

The panel was constituted at a time when the government and the central bank were at loggerheads on the issue RBI’s surplus transfer to the government.

In the past, the issue of the ideal size of the Reserve Bank of India reserves was examined by three committees -- V Subrahmanyam in 1997, Usha Thorat in 2004 and Y H Malegam in 2013.

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