Bimal Jalan Committee

On 26th August, 2019,the Reserve Bank of India (RBI) decided to transfer a sum of Rs. 1,76,051 crore to the Government of India as per the recommendations made by Bimal Jalan Committee. Consider the following statements regarding the committee:

  1. The 5 member committee was appointed in December, 2018 to review Economic Capital Framework (ECF) for central bank.
  2. The panel’s recommendation for transfer of excess reserves includes only contingency funds.

Which of the statements given above is /are correct?

A
Only 1
B
Only 2
C
Both 1 and 2
D
None of the above