The Reserve Bank of India (RBI) on Monday said that its central board has accepted the recommendations of Bimal Jalan Committee and approved surplus transfer to the government. The RBI will transfer a sum of Rs 1,76,051 crore to the government which comprises a surplus of Rs 1,23,414 crore for 2018-19.

"The Central Board of the Reserve Bank of India (RBI) today decided to transfer a sum of Rs 1,76,051 crore to the Government of India (Government) comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today," the RBI said in a statement.

The Bimal Jalan Committee was constituted to suggest appropriate reserves that RBI should maintain and dividends it should pay to the government. The Jalan Committee had submitted its report to the RBI Governor on Friday.

The Reserve Bank follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised.