Central Board of the Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government. The surplus comprises Rs 1,23,414 crore for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the board meeting held today. The surplus transfer, which is 1.25 per cent of the GDP (2018-19), will give some cushion to the government for higher PSU CAPEX, which is required to meet high growth rate.
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