Surplus Funds - How Government Pulled It Off

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Surplus funds: How government pulled it off
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Surplus funds: How government pulled it off

Sidhartha| TNN | Updated: Aug 27, 2019, 10:24 IST
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Highlights
The RBI was expected to transfer around Rs 66,000 crore to the Centre, including Rs 8,000 crore of "surplus reserves"
Based on the current balance sheet size, RBI's excess provisioning was estimated at Rs 11,608 crore at the upper band and Rs 52,637 crore at the
lower end, and the board decided to opt for the latter
(Representative image)
NEW DELHI: Amid the hostility in the Bimal Jalan committee over the optimum level of reserves or excess capital that the RBI should hold, the central
bank was expected to transfer around Rs 66,000 crore to the Centre, including Rs 8,000 crore of "surplus reserves".
This was far lower than the Rs 90,000 crore that had been budgeted for during the current fiscal year, when government finances are already strained.
Naturally, Subhash Chandra Garg, the then finance secretary and the government nominee on the panel, was not happy. But given the unyielding
position he had adopted, the committee members were not willing to show much flexibility. Despite the public posturing, his relationship with the RBI
was already strained.
Recommended By Colombia
RBI to transfer record surplus Rs 1.76 lakh crore to government
The RBI board, headed by governor Shaktikanta Das, approved a transfer of Rs 1,76,051 crore to the government on Monday. This includes Rs 1,23,414
crore of surplus or dividend for the year 2018-19 and Rs 52,637 crore of excess provisions — a one-time transfer which is a first for RBI. The move is
expected to stimulate the economy without widening fiscal deficit.
His removal from the coveted job seemed to have helped matters as finance secretary Rajiv Kumar managed to soften the committee members and got
the RBI central board to part with a record dividend and also transfer "excess provisions" of Rs 52,637 crore on Monday itself. These two put together
add up to over Rs 1.76 lakh crore - 2.7 times the original estimate - which may turn out to be the bonanza that the government was looking for.
What also helped matters was a change of guard at the department of economic affairs (DEA), where Atanu Chakraborty has replaced Garg, who was
designated finance secretary as he was the senior most bureaucrat across the five departments of the finance ministry.
Initially, the RBI central board was only expected to take note of Jalan committee's recommendations and release them for public comments. At
Monday's board meeting, directors such as Tata Sons chairman N Chandrasekaran, TeamLease chairman Manish Sabharwal and RIS chief Sachin
Chaturvedi had questions over the range that has been suggested. Similarly, some of the board members had queries over how the RBI and the
government had managed to bury their differences over the last eight months, which were mainly responded to by deputy governor N S Vishwanathan.
What are RBI’s surplus funds, where do reserves come from?
RBI’s income comes mainly through interest on the securities it holds and in 2017-18 the largest component of expenditure was a provision of about Rs
14,200 crore it made to the contingency fund. RBI's surplus represents the amount it transfers to the government. There are two unique features about
RBI’s financial statements.
After Garg's ouster, the Centre's revised pitch before the committee was to agree to a level of reserves that completely covered the risks during a turmoil
in the financial, forex and money markets. So, it agreed to adopt a new methodology to cover 99.5% of RBI's market risk against 99% that is acceptable
to many other central banks.
The committee also agreed to have a contingent risk buffer for a "rainy day" as a cover for a monetary or financial stability crisis and pegged it at 5.5-
6.5% of the RBI's balance sheet size.
RBI bonanza to help government meet FY20 deficit target

The massive transfer of Rs 1.76 lakh crore from the RBI to the government has come as a huge relief for the Centre, which has been grappling with a
tight revenue position. The transfer from the RBI is also expected to act as a stimulus for the economy, which has shown significant signs of a
slowdown.
Top Comment
Besides this fiscal and monetary success of PM Modi, his other achievements are:
-----------------------------------------------------------
1. Kashmir
2. Demo
3. Doklam
4. GSTRead MoreAam Aadmi
See All Comments Add Comment
Based on the current balance sheet size, RBI's excess provisioning was estimated at Rs 11,608 crore at the upper band and Rs 52,637 crore at the lower
end, and the board decided to opt for the latter. When it came to the transfer of surplus, or dividend to the government, the board recommended that the
central bank's entire net income of Rs 1.23 lakh crore for 2018-19 could be transferred.
While the RBI and DEA under Garg may not have shared the best of relations, when it comes to the department of financial services (DFS), which is
headed by Kumar, there was little unpleasantness. After the tussle with Urjit Patel, the RBI and DFS had agreed to sort out at least three contentious
issues - easier rules for MSMEs, relaxing norms for stressed banks and postponing the implementation of the capital buffer for banks that was putting
pressure on them.
In Video: RBI to transfer 1.76 lakh crore to government
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Aam Aadmi
3832 1168 more points needed to reach next level. Know more about Times Points
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Aam Aadmi - India - 5 hours ago
-----------------------------------------------------------
1. Kashmir
2. Demo
3. Doklam
4. GST
5. Bringing topmost corrupts to book
6. Defence strength
7. Space conquest at unbelievable pace
8. Surge in national spirit
9. Welfare Schemes that actually work
10. Social reform without fear of vote banks.
11. Min. governance max. performance
12. Global Awareness ... Read More
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Aam Aadmi - 3 hours ago
there is more to it. Unemployement, price rise,mob lynching, taklu' son becoming tycoon, industries closing down, making RBI bankrupt, and only jai
sri ram to fool the people

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Soumendu Roy - Calcutta, India - 1 hour ago
Those are collaterals.
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Soumendu Roy - 2 hours ago
Dynasty Raj world has perished .
This is Aug 2019. Just take a Look!..... 370 and 35 A long gone.
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Were you in the list on officers sacked by Govt. for corruption?
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Democracy thrives on opinions .. but when opinion/s is totally one-sided .. then it isn''t an opinions .. it''s an unadulterated BIAS (sometimes HATRED
for an individual too) .. & THEN U BECOME A PAPPU too !
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Jamini Roy
Soumendu Roy - ND - 1 hour ago
There is always a segment of society that sees, seeks and shouts the perceived negative in everything, everyone and all situations. There is no pleasing
the likes of your kind.
The armchair critic, the conspiracy theorist and the evangelical liberal rudderless intellectual pygmies - all of your kind need to get your family jewels
lasered for the benefit of all.
You must have issues with your bad breath, body odor and poor disposition.
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God help us
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You need some burnol.
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Aam Aadmi - 32 mins ago
15. Destruction of appeasement politics
16. Destruction of caste politics
17. Destruction of chalta hain attitude accross Govt departments including DRDO
18. Destruction of Pakistan''s Nuclear Blackmail
19. Strong image of India across Globe
20. Creating strong aspirations and hope of good future for Indians !!
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Aam Aadmi - Earth - 3 hours ago
Demo was a failure, Kashmir is a success. Balakot strike was a failure. The rest in your list do not even matter
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Vande Matram - India - 3 hours ago
How is Kashmir a success when its still curfew everywhere? Forget buying you can''t even go there. Ladakh etc were already quite.
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Aam Aadmi - sunny - 1 hour ago
The are really vote bank politics and a failure resulting to enjoy RBI created over a period of time and simultaneously abusing and criticising the people
who safe guard the assets. Next stop may be shri padmanabha temple assets
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Aam Aadmi - Vancouver BC - 4 hours ago
Indian prestige abroad has seen a spike too!
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Aam Aadmi - Delhi - 5 hours ago
भारत मेरे भाई...
यह भी एक बड़ी सफलता है ।
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Aam Aadmi - Bangalore - 1 hour ago
In 2017, Government supported with 2.11 lakh crore rs recapitalization into public sector banks to stimulate growth and reduce NPAs. Government is
working hard to improve economy, here piddys will clap if Cheatambaram improves the wealth of Sonia mafia.
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Aam Aadmi - Delhi - 5 hours ago
मोदी है तो मुमिकन है ।
रा ल तो pumpkin है ।

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Regarding this that Govt has mostly failed , after big names of schemes the schemes have actually failed and no big output seen
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जब िनयत साफ है तो सबकुच मुमिकन है ।
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Aam Aadmi - Dubai - 11 mins ago
Other than number 7 and number 12, all the others are moderately successful or outright flops.
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Aam Aadmi - Location - 4 hours ago
3 AIR PORT GIVEN TO ADANIE.....1$=72.....
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1. SPACE schemes have been doing on their own , Modi has got nothing to do with it , don''t fool urself
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One more..... Employment in IT cell for slaves like you... 40 paise per comment...
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Naresh Kumar
YOu forget he also got us FREEDOM in 1947..

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12. Yoga was more.popular in foreign countries since a long time , it''s now that u have realised it
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Kashmir cannot be told as the people there haven''t spoken yet , nobody knows what''s happening there , the Govt is trying to blockade everyone from
knowing the present condition

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You must be joking about the fiscal and monetary success.
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Aam Aadmi - Lucknow - 3 hours ago
15. Building an army of andhbhakts to write such baseless comments
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sam mm
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1. DEMONETIZATION IS THE BIGGEST failure and scam under this Govt all black money changed into white and our present economic situation is
a result of this , our small scale industry was totally broken this has led to present unemployment scenario , Manmohannji right in pointing out it was a
monumental blunder
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Sarma V S
What is the fiscal success you are talking about? Govt claims that the fiscal deficit is 3.5% of GDP,while CAG report says it 5.85% and Morgan Stanley
says it is 8.5%.
Have you looked st the rupee rate? You still say that govt''s monetory policy is a success? Why is there such liquidity crunch in the market if the
monetory policy is great.
The other points you have mentioned,i dont need to talk about them. The citizens of the country and the world is witnessing those idiotic decisions.
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Shinto James - Location - 4 hours ago
Ha ha..taking MONEY FROM RESERVE bank. Indian govt BANKRUPTED....ha ha
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Shinto James - India - 2 hours ago
It''s transfer of money which the RBI is supposed to, to the Govt of India. It''s not like Vatican pays money to people here to convert poor people.
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Gatothkatch - 40 mins ago
Moonlighting the world a little world cup in Brazil in the world right to you 8hhh from the right 8hhh 8th 5th 5th and very nice and very nice 5th 5th 5th
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fvzbvbvbxjhjjjjjjgjhjbjfkkk section of the supported sites ... Read More
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Shinto James - Bangalore - 2 hours ago
REad the article, its a procedure, not that RBI is giving your pocket money.
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Dr Vidyadhar Yellutla - 39 mins ago
Gvhhfyhhggvgjh and very nice and very nice and wife adult and wife adult and wife adult and very nice the world 8th and very much too soon opioid
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Shinto James - Hindustan - 3 hours ago
this guy doesn't understand how country runs
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Shinto James - 2 hours ago
Pet congi is back from the toilet of 10 janpath.
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Shinto James - 23 mins ago
We are going back to pre 1993. When guess who and which party saved the country.
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Iqbal S Kapasi - Mumbai - 4 hours ago
This is like looting the nation, modi sarkar is like a spoil brat who is not capable of earning and blows up the hard earned family savings. A la Anil
Ambani. Shame shame
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Iqbal S Kapasi - 2 hours ago
Don''t worry ,soon money will be recovered from looters like Karti,his father,Ratul Puri Goyal ,Sonia ,Rahul ,Vadra ,Hooda and many more ,will be
more than total Reserve of RBI.
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Iqbal S Kapasi - Location - 3 hours ago
Your naive comment shows how much you miss your former Govt. of Maha Chor Party.
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Iqbal S Kapasi - Bangalore - 2 hours ago
When did you start saving bank account in RBI. Ha ha haa.. DEsert script followers Cavemen typical mentality.
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No No you shouldn''t be saying that? Read your books starting from seventh century. your Perfect Man wanted 30 percent of the spoils of raiding other
tribes and also wanted the prettiest teenage widow for himself? In this case, what RBI has is peoples money and we have a elected govt by the very same
people. whats your problem?
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Your ancestors came as persecuted refugees from Persia and hindu sheltered you. You got an opportunity to grow your community atleast 1000 times
since them due to benevolence of Hindus. Today you hate Modi just bcuz he represents the aspiration of patriotic Hindus. Shame on you.
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Iqbal S Kapasi - Mumbai - 1 hour ago
Not your fault, Madarsa scum ! You guys read Ulta, from right to left ... so you see everything Ulta 😏
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Typical kutwa comment..
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Aam Aadmi
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1...
Reply
Shinto James
Ha ha..taking MONEY FROM RESERVE bank. Indian govt BANKRUPTED....ha ha
Reply
Iqbal S Kapasi
This is like looting the nation, modi sarkar is like a spoil brat who is not capable of earning and blows up the hard earned family savings. A la Anil...
Reply
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Surplus Funds - How Government Pulled It Off

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