NEW DELHI: The
Bimal Jalan
committee, set up to examine the appropriate level of reserves to be maintained by the Reserve Bank of India (
RBI), may meet again before finalising its report as a new member has been included in the panel.
In a surprise move, former finance secretary
Subhash Chandra Garg
, who was a member of the panel, was shifted to the power ministry last week, creating uncertainty over the
Jalan panel
report on reserves.
Garg had submitted a dissent note. The Rajasthan cadre
IAS officer has sought voluntary retirement and has ruled out any link of his
VRS
with the transfer to the power ministry.
"Yes, it (a meet) is possible as a new member has come in. But it is not certain," former RBI governor Jalan, who is heading the panel, told TOI. He did not elaborate.
Former secretary of the department of public investment and asset management (DIPAM), Atanu Chakraborty, has replaced Garg as the new economic affairs secretary. He is also Garg's replacement on the panel.
Sources had earlier told TOI that the panel will consult with the RBI to chart out the future strategy after Garg's transfer to the power ministry. It will also discuss with the central bank the likely date for submitting the report.
The six-member panel was set up last year by the RBI to suggest an adequate level of risk provisioning that the central bank needs to maintain. It was also tasked to determine whether the RBI is holding provisions, reserves and buffers in surplus, deficit of the required level of such provisions, reserves and buffers.
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