Surplus money transfer from RBI to depend on income: FM

News Network
November 19, 2019

New Delhi, Nov 19: Finance Minister Nirmala Sitharaman on Monday said transfer of surplus reserves from the Reserve Bank of India (RBI) to the government in future will depend on net income and other financial parameters of the central bank besides the recommendations of the expert committee on excess capital.

The surplus distribution policy of RBI is determined in accordance with section 47 of the RBI Act, 1934, Sitharaman said in a written reply to Lok Sabha.

"The quantum of surplus transfer to the government in the coming years would depend on RBI's net income, 'required realized equity' as a per cent of RBI's balance sheet and 'available realized equity' as a per cent of RBI's balance sheet in the coming years, and shall be governed by the legal provisions of the RBI Act, 1934 read with the recommendations of the committee as accepted by RBI," Sitharaman said.

The central board of the RBI, in its meeting in November 2018, in consultation with the government had decided to constitute an expert committee under the chairmanship of former RBI governor Bimal Jalan to suggest an adequate level of risk provisioning that RBI needs to maintain.

The committee, formed on December 26, 2018, was tasked to propose a suitable surplus distribution policy taking into account all the likely situations of the RBI.

The finance minister was replying to a question asked by Gopal Chinnaya Shetty if the issue of surplus reserves of RBI was resolved as per the suggestions of the Jalan committee and whether in future the government was likely to get additional dividend from RBI as per the recommendations of the said committee.

The Bimal Jalan expert committee had submitted its report to RBI on August 14, 2019.

The central board of RBI, in its meeting on August 26, 2019, had accepted all the recommendations of the committee and finalised RBI's accounts for 2018-19 using the revised framework to determine risk provisioning and surplus transfer.

"The transfer of surplus to the government for the year 2018-19, ended June 30, 2019 was made in accordance with the recommendations of the committee and accordingly a sum of Rs 1,75,987 crore was transferred by RBI to the government," the minister said in the lower house.

The transfer of reserves comprised Rs 1,23,350 crore of surplus for 2018-19, of which Rs 28,000 crore was already paid as interim dividend on March 28, 2019, and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), Sitharaman said.

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News Network
April 1,2020

Amaravati, Apr 1: All the 43 patients who were tested positive for COVID-19 in Andhra Pradesh on Wednesday have returned after attending the event at Delhi's Nizamuddin Markaz, said Chief Minister's Office, Andhra Pradesh.

With 43 new COVID-19 positive cases, the total number of coronavirus cases in Andhra Pradesh has reached 87, informed the state Nodal Office earlier today.

The 43 new coronavirus positive cases were reported between March 31, 9 pm and April 1, 9 am. A total of 373 samples were tested during this time period and of these samples, 330 were negative and 43 came out to be positive.

There has been an increase of 240 COVID-19 cases in the last 12 hours across the country.
According to the Ministry of Health and Family Welfare, the total number of COVID-19 positive cases have reached 1637 in India, including 1466 active cases, 133 cured/discharged/migrated people and 38 deaths.

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News Network
June 4,2020

New Delhi, Jun 4: India on Thursday witnessed a record single-day spike of 9,304 coronavirus cases taking the country's tally to 2,16,919, according to the Union Ministry of Health and Family Welfare.

The ministry informed that 260 more deaths due to coronavirus were reported in the last 24 hours.

The total number of cases in the country now stands at 2,16,919 including 1,06,737 active cases, 1,04,107 cured/discharged/migrated and 6,075 deaths.

Maharashtra has so far reported 74,860 cases, more than any other state in the country.

In Tamil Nadu, 25,872 cases have been detected so far while Delhi has reported 23,645 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 1,39,485 samples were tested in the last 24 hours whereas 42,42,718 samples have been tested till date.

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Agencies
June 8,2020

New Delhi, Jun 8: Abortion access to around 1.85 million women was compromised across the country due to the nationwide restrictions imposed in response to the COVID-19 outbreak, a study conducted by Ipas Development Foundation (IDF) revealed.

These abortions were compromised at all points of care, including public and private sector facilities and chemist outlets during 68-day lockdown and the first week of Unlock 0.1 period. The study assesses the near-term impact of COVID-19 on abortion access in India since March 25 when the lockdown was imposed across the country with the announcement of Prime Minister Narendra Modi to contain the spread of novel coronavirus of COVID-19 pandemic.

It also highlights the need for a specially designed and integrated recovery plan for improving abortion services at facilities. The study estimates that access to abortion was highly compromised during lockdown 1 and 2 ( between March 25 and May 3) in which around 59 per cent of women seeking an abortion could not access the services.

However, with the Unlock phase or the recovery period as mentioned in the study starting on June 1, the situation is expected to improve - with 33 per cent abortions being compromised in 24 days. A huge number of women could not access safe abortion services during the lockdown, therefore it is extremely important that the healthcare system, public and private, is prepared to meet the needs of these women, the Ipas foundation says.

The model of the study strives to quantify the reduced access to abortions across three different points of care -public health facilities, private health facilities, and chemist outlets, said Vinoj Manning, CEO, Ipas Development Foundation in a statement.

"Majority of public health facilities and their staff are now focused on COVID-19 treatments and closures of private health facilities have compromised the access to safe abortions, which is a time-sensitive procedure."

He said that the study conducted by his foundation was to get a clearer picture of how COVID-19 restrictions have affected women seeking safe abortion services and what are the areas that would need focused efforts in the days to come.

Speaking on the methodology, Dr Sushanta Kumar Banerjee from Ipas Development Foundation said: "We conducted telephonic surveys and consulted with several experts from FOGSI leadership and social marketing organizations like PSI India Private Limited."

"After careful analysis of the data received from them, we have concluded that of the 3.9 million abortions that would have taken place in 3 months, access to around 1.85 million was compromised due to COVID-19 restrictions."

To facilitate the process Ipas Development Foundation has issued some initial recommendations which include: rapid mapping of facilities for first and second trimester abortions, assessing facilities' preparedness especially for second-trimester abortions, improving referral linkage and spread the word about the availability of the service, streamlining the supply chain for medical abortion drugs, and lastly including mechanisms to offset additional travel and out of pocket expenditures.

Ipas Development Foundation will be holding consultations with other partners and key stakeholders to facilitate meaningful collaborations to ensure access to safe abortions and ensure that no woman suffers long-term harm to her health due to lack of services.

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