Jalan report on RBI surplus to get further delayed with Garg seeking early retirement
Panel members may meet again, this time with new EAS Chakraborty, since the final report was not signed.
By ETMarkets.com |
BCCL
NEW DELHI: The much-awaited Bimal Jalan panel report on economic capital framework looks poised for another delay amid the recent bureaucratic shuffle by the Centre, replacing economic affairs secretary (EAS) Subhash Chandra Garg with 1985 batch Gujarat cadre IAS officer Atanu Chakraborty.
A day after he was shifted from the high profile Ministry of Finance to the Power Ministry, senior bureaucrat Garg applied for voluntary retirement from service, PTI reported.
Panel members may meet again, this time with new EAS Chakraborty, since the final report was not signed, sources told ET NOW.
The committee would seek the Finance Ministry’s view again on the Reserve Bank of India surplus transfer as Garg was dissenting on the initial report.
The committee had recommended that the surplus reserve held by the central bank be transferred to the government in tranches over three to five years. But the recommendations were not unanimous with Garg submitting a dissent note, an official familiar with the development recently told ET.
The committee will make an attempt to put forth a unanimous view of the panel, and that Garg’s dissent note could be removed from the report, sources told ET NOW.
The six-member committee headed by former RBI governor Jalan was tasked with examining the central bank’s requirements on provisions, reserves and buffers. That would determine how much of the reserves could be transferred to the government.
The Jalan committee has also suggested a periodic review of the economic capital framework (ECF) to decide the RBI’s appropriate level of reserves.
A day after he was shifted from the high profile Ministry of Finance to the Power Ministry, senior bureaucrat Garg applied for voluntary retirement from service, PTI reported.
Panel members may meet again, this time with new EAS Chakraborty, since the final report was not signed, sources told ET NOW.
The committee would seek the Finance Ministry’s view again on the Reserve Bank of India surplus transfer as Garg was dissenting on the initial report.
The committee had recommended that the surplus reserve held by the central bank be transferred to the government in tranches over three to five years. But the recommendations were not unanimous with Garg submitting a dissent note, an official familiar with the development recently told ET.
The committee will make an attempt to put forth a unanimous view of the panel, and that Garg’s dissent note could be removed from the report, sources told ET NOW.
ADVERTISEMENT
The six-member committee headed by former RBI governor Jalan was tasked with examining the central bank’s requirements on provisions, reserves and buffers. That would determine how much of the reserves could be transferred to the government.
The Jalan committee has also suggested a periodic review of the economic capital framework (ECF) to decide the RBI’s appropriate level of reserves.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
