CURRENT AFFAIRS

Detailed explanation-1: -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-2: -The Reserve Bank of India (RBI), in consultation with the central government, had constituted a Committee (Chair: Dr. Bimal Jalan) to review the current economic capital framework, in November 2018. The existing economic capital framework was developed in 2014-15, and was operationalised in 2015-16.

Detailed explanation-3: -Bimal Jalan Committee on Economic capital framework: 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-4: -The Reserve Bank of India (RBI) committee led by Bimal Jalan (former RBI governor) constituted for considering guidelines for transfer of central bank’s surplus funds to government delayed submitting its report after lack of consensus among its members.

Detailed explanation-5: -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.