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- The Reserve Bank of India(RBI) has accepted the Bimal Jalan panel recommendations.It was set up to review the RBI’s economic capital framework.
- The economic capital framework reflects the capital that an institution requires or needs to hold as a counter against unforeseen risks or events or losses in the future.
- The panel has recommended a review of the RBI’s Economic Capital Framework(ECF) every five years.However,if there is a significant change in the RBI’s risks and operating environment,an intermediate review may be considered.
- The panel has suggested that RBI’s accounting year of July-June can be brought in alignment with the fiscal year of April-March from the financial year 2020-21.
- This would allow RBI to provide better estimates of the projected surplus transfers to the government for the financial year for budgeting purposes.
- The panel has also recommended a more transparent presentation of the RBI’s annual accounts with regard to the components of economic capital.
- The panel has also suggested to remove the interim payout structure to government in general circumstances.It has said that payment of an interim dividend may be restricted to extraordinary circumstances.
