New Delhi: The Reserve Bank of India has announced that it will give Rs 1.76 lakh crore to the central government. The RBI will give this amount out of its surplus reserve. Since the RBI's announcement, things have started running. This is going to be the first time in the RBI's 84-year history. The decision will help the government to accelerate the sluggish economy. The RBI board, headed by Governor Shaktikanta Das, on Monday approved Rs 1,76,051 crore to the central government.

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The recommendation was made by a committee headed by former Governor Bimal Jalan. Former RBI Governor Urjit Patel, however, was against it. That is why he and Deputy Governor Viral Acharya resigned. The RBI has been giving 99% of its disposable income (costable funds) to the government since the 2013-14. As far as the division is concerned, out of Rs 1,23,414 crore for 2018-19, Rs 28,000 crore has already been given to the government as an interim division in March itself.

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The government is set to get a division of Rs 95,414 crore during the current financial year. This will be in addition to a surplus fund of Rs 1.76 lakh crore. Former deputy governor Viral Acharya cited Argentina's example when he opposed the government's move. Argentine Central Bank Governor Martin Redredo also resigned under pressure to give $6.6 billion to the government. Later, the government got the funds.

A few months later, Argentina's bonds, currency and stock markets collapsed. The government will get this money in the last three to five years. The RBI, comprising the Consistency Fund, Currency and Gold Revaluation Account, has a reserve of Rs 9.2 lakh crore, which is 25 % of the central bank's total balance sheet size.

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