Surplus funds: How government pulled it off

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.

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