RBI surplus transfer to govt lowest in last 7 years, says S C Garg

Former Finance Secretary S C Garg said on Wednesday that the RBI transferred only 44 per cent of its surplus or income to the government, which is the lowest in percentage terms in the last seven years.

Earlier this month, the RBI board approved a surplus transfer of Rs 57,128 crore to the central government for Accounting Year 2019-20 (July-June).

Garg was the Economic Affairs Secretary when the RBI and Finance Ministry were at loggerheads over surplus transfer and the Economic Capital Framework (ECF).

During a crucial board meeting on November 19, 2018, the RBI decided to appoint a committee to decide on