Twitter erupts in anger after Reserve Bank of India announced its decision to transfer 1.76 trillion rupees to government this fiscal.
The Central Board of the Reserve Bank of India (RBI) on Monday accepted the Bimal Jalan panel recommendations and decided to transfer ₹1.76 trillion in dividend and surplus reserves to the Government of India.
The six-member panel headed by Jalan was appointed in December to review the Economic Capital Framework (ECF) for RBI.
The Central Board has decided to transfer a sum of Rs 1,76,051 crore to the Government of India 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 board on Monday.
The news evoked angry reactions on social media.