The Reserve Bank of India on Monday decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.

This follows the RBI board accepting the recommendation of a high-level panel headed by its former Governor Bimal Jalan on transfer of excess reserves to the government.

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The board of central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising 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, the RBI said in a statement.