Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nIn doing so, the RBI\u2019s central board has agreed to accept\nall the recommendations of the Bimal Jalan committee, which was set up in\nDecember 2018 to re-evaluate the central bank\u2019s economic capital framework\n(ECF).<\/p>\n\n\n\n
Out of the Rs 1.76 lakh crore, of which Rs 28,000 crore has\nalready been transferred as an interim dividend, a little over Rs 52,000 crore\nis what the committee has defined as \u201cexcess provisions\u2019 or excess capital.<\/p>\n\n\n\n
\u201cThe Central Board\u2026 today decided to transfer a sum of Rs\n1,76,051 crore to the Government of India (Government) comprising of Rs\n1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess\nprovisions identified as per the revised Economic Capital Framework (ECF)\nadopted at the meeting of the Central Board today,\u201d a RBI press release noted.<\/p>\n\n\n\n
Every year, the RBI makes a \u2018surplus transfer\u2019 to the\nCentre, typically defined as excess income over expenditure. In the last six\nyears, this transfer has ranged between Rs 30,000 crore to Rs 65,000 crore.<\/p>\n\n\n\n
The problem revolves around the fact that the RBI doesn\u2019t\ntransfer all of its \u2018excess income\u2019, or profit, to the government. It holds\nback some of it as a safeguard for a rainy day and calls that its \u2018reserves\u2019.<\/p>\n\n\n\n
Over the last year, the central bank and the Centre,\nespecially under former RBI governor Urjit Patel\u2019s tenure, have bickered over\nwhether the RBI could hand over a greater portion of its \u2018excess reserves\u2019.<\/p>\n\n\n\n
These reserves \u2013 which are categorised into different\nbuckets ( currency and gold revaluation account, investment revaluation\naccount, asset development fund and contingency fund) \u2013 amounted to almost Rs\n9.6 lakh crore for FY\u201918. Two of these buckets are bigger than the others: the\nRBI\u2019s contingency fund is at Rs 2.5 lakh crore, while the currency and gold\nrevaluation reserve is at Rs 6.91 lakh crore.<\/p>\n\n\n\n
In the last year, media reports had indicated that the Modi\ngovernment wanted up to Rs 3 lakh crore of the central bank\u2019s reserves. This\ndoes not appear to have happened.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Reserve Bank of India (RBI) has transferred a little over Rs 1.76 lakh crore to the Narendra Modi government, in a move that give greater fiscal leeway to the Centre and bring to an end the contentious debate over the central bank\u2019s \u2018excess reserves\u2019. Daily Current Affairs Quiz 2019 In doing so, the RBI\u2019s […]<\/p>\n","protected":false},"author":13,"featured_media":5431,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[64],"class_list":["post-5430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=5430"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5430\/revisions"}],"predecessor-version":[{"id":5454,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5430\/revisions\/5454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/5431"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=5430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=5430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=5430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}