Following its board meeting on the Bimal Jalan committee recommendations, the Reserve Bank of India (RBI), on Monday, accepted and approved to transfer surplus to the government.

The central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India, which includes 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 its board meeting.

In consultation with the government, the RBI had constituted an expert committee chaired by Bimal Jalan to review the extant economic capital framework of the RBI. A report was then submitted by the Committee to the Governor of the RBI.

"The Committee's recommendations were based on the consideration of the role of central banks' financial resilience, cross-country practices, statutory provisions and the impact of the RBI's public policy mandate and operating environment on its balance sheet and the risks involved," RBI said in a release.