Bimal Jalan Panel to meet again, may submit ECF report this month

The RBI Central Board will meet on August 16. It is expected that the Jalan report will be finalised before that, but panel members can still take a call.

New Delhi:The Bimal Jalan Panel is likely to submit the Economic Capital Framework (ECF) report to RBI this month, but before that another meeting is likely on a few recommendations, official sources said on Monday.

The RBI surplus is to be transferred to the government over the next 5 years and the panel is hopeful of submitting the ECF report to RBI this month.

The committee is yet to take a call on carrying former DEA Secretary's dissent note in the report. It will hold consultations on a few recommendations in the next few days, said official sources after today's meeting.

On July 24 meeting, most panel members had recommended a periodic review of RBI's economic capital framework.

The Bimal Jalan panel had concluded discussions and was to submit its report, but former Finance Secretary Subhash Chandra Garg, who was the government nominee on the Jalan panel, was transferred to the Power Ministry.

Garg had differed in the discussion built around the report that agreed to transfer the surplus to the government over the next 3-5 years, sources said.

But the quantum of the surplus was not known.

Garg had not signed the report, saying it was not finalised.

The RBI Central Board will meet on August 16. It is expected that the Jalan report will be finalised before that, but panel members can still take a call.