BANKING AFFAIRS

Detailed explanation-1: -Bimal Jalan Panel: The Reserve Bank of India (RBI), in consultation with the government, had set up a six-member committee headed by the former RBI Governor Bimal Jalan to review the economic capital framework of the Reserve Bank of India.

Detailed explanation-2: -2. It may be recalled that the RBI, in consultation with the Government of India, had constituted an Expert Committee to Review the Extant Economic Capital Framework of the Reserve Bank of India (Chairman: Dr. Bimal Jalan). The Committee has since submitted its report to the Governor of the RBI.

Detailed explanation-3: -A technical Committee of the RBI Board headed by Y H Malegam (2013), which reviewed the adequacy of reserves and surplus distribution policy, recommended a higher transfer to the government.

Detailed explanation-4: -As Deputy Governor, Shri Rao will look after Department of Regulation, Department of Communication, Enforcement Department, Inspection Department, Legal Department and Risk Monitoring Department.

Detailed explanation-5: -The Reserve Bank of India (RBI) on Tuesday announced that the government has nominated Vivek Joshi to its central board. Joshi who is the secretary of the Department of Financial Services, will hold the position of Director at RBI. The nomination has come into effect from November 15, 2022, until further orders.