The Committee was set up in December 2018 following discussions between the finance ministry and the RBI about the manner in which the central banks’ surplus can be shared with the government.

• While the committee is chaired by former RBI Governor Bimal Jalan, others members are former RBI Deputy Governor Rakesh Mohan I Vice Chairman of the committee).  RBI Deputy Governor NS Vishwanathan and RBI Central Board Members Bharat Doshi and Sudhir Mankad are the other members of the panel.
• According to Section 47 of the RBI Act, profits of the RBI are to be transferred to the government, after making various contingency provisions, public policy mandate of the RBI, including financial stability considerations.

The committee was set up to “review status, need and justification of various provisions, reserves and buffers presently provided for by the RBI; and (to) review global best practices followed by the central banks in making assessment and provisions for risks which central bank balance sheets are subject to.