Bimal Jalan Panel to Have Revised Discussion on RBI's Transfer of Surplus Funds

The Bimal Jalan panel will meet again to finalise the report on the transfer of RBI’s surplus and profits to the government in wake of the earlier Finance Ministry nominee and former Finance Secretary Subhash Chandra Garg’s transfer to another Ministry leading to the slot falling vacant.

“Since a new nominee has come, the RBI would decide on exactly what needs to be done and I can’t comment more at this time. The RBI and government will take the call on filling up the gap that has been created due to vacancy from government nominee side,” panel chairman Bimal Jalan told media.

“I am not involved in that part,” he added. Asked if the panel will meet again he said: “Most probably.”

As the situation stands now, Finance Secretary Subhash Chandra Garg’s transfer to the Power Ministry might see the panel meeting again.

It, however, could not be ascertained whether the report would stand as was decided in the last meeting, incorporating the new government nominee’s signature, or whether further discussions would take place on the same issues with new entrant from the Finance Ministry.

Atanu Chakraborty has replaced Garg in the Finance Ministry as Economic Affairs Secretary.

The government is yet to announce the name of the new Finance Secretary, while Banking Secretary Rajeev Kumar is the senior-most IAS currently in the Finance Ministry.

The Bimal Jalan Panel, which had concluded discussions and was to submit its report on the RBI’s economic capital framework, now might have to wait on the government decision to place a nominee first following the exit of Garg, who was one of the members of the six-member panel.