RBI has ₹3 lakh crore in excess reserves, says BofAML

The Bimal Jalan committee formed to study the RBI's capital structure is likely to identify excess reserves of up to ₹3 lakh crore, Bank of America Merrill Lynch (BofAML) said. Capping overall reserves at 20% from 25.5% will release ₹1.96 lakh crore, it added. There's no restriction which prevents RBI from transferring the money to government, BofAML further noted.