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Finance Minister dismisses criticism of RBI payout, calls it 'outlandish'

Finance minister Nirmala Sitharaman described the Reserve Bank of India's criticism as 'outlandish' after the bank asked India's FM to transfer a record Rs.1.76 lakh crore from its surplus and reserves to the government. The transfer of surplus and excess dividend is in line with the recommendations of the Bimal Jalan Committee, which was tasked to review the Economic Capital Framework of the RBI.