RBI Surplus Transfer & the Economic Capital Framework

On 22 May 2026, the RBI's Central Board approved a Rs 2,86,588.46 crore surplus transfer to the Central Government for FY 2025-26 — settling a discrepancy between early reports that put the figure anywhere from roughly Rs 2.69 lakh crore to Rs 2.87 lakh crore, with the RBI's own press release confirming the higher number as this year's actual payout. The transfer is governed by the Bimal Jalan Committee's 2019 Economic Capital Framework (ECF), which fixes how much of the RBI's income must first be set aside as a Contingent Risk Buffer (CRB) before any residual surplus can flow to government — and which, unlike tax revenue, sidesteps Finance Commission devolution to the states altogether.