Panel On RBI Surplus Reserves Defers Report Again
The Bimal Jalan panel, which is looking at the appropriate amount of capital that the central bank should hold, has deferred its report for the second time.
It will meet again in July and submit its findings after the government presents the Union Budget for 2019-20 on July 5, one of the committee members told reporters.
Set up in December, the former Reserve Bank of India governor-headed panel was supposed to submit its report by April-end. It had sought a three-month extension till June end. In its June 12 meeting, the committee had said it would meet again this month as the members failed to reach a consensus on the amount of capital that the apex bank needs to hold.
Most of the panel members, except Finance Secretary Subhash Chandra Garg, were not in favour of any significant relaxation of the formula used to calculate the RBI’s capital needs, BloombergQuint had reported. Garg also sought the government’s intervention in the panel.
Garg skipped the meeting on Monday, which was expected to be the last.