The Reserve Bank of India has decided to transfer 1.76 lakh crore rupees as dividend and surplus reserve to the government.

In a statement issued from Mumbai this evening, RBI informed that this amount includes 1,23,414 crore rupees of surplus for the year 2018-19 and 52,637 crore rupees of excess provisions identified as per the revised Economic Capital Framework.

The statement informs that RBI’s Central Board has accepted the recommendations of a high-level panel headed by former RBI Governor Bimal Jalan on the transfer of excess reserves to the government. It adds that the Central Board has finalized RBI’s accounts for 2018-19 using the revised framework as suggested by the Jalan committee to determine risk provisioning and surplus transfer.

The Reserve Bank follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised. During the board meeting chaired by RBI Governor Shaktikanta Das, the apex bank also finalised its Annual Report and stated that the Reserve Bank stands as a central bank with one of the highest levels of financial resilience globally.