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RBI Policy: WMA limit for states increased to 470.10 bln rupees

Informist, Wednesday, Apr 7, 2021

 

–Enhanced 515.60-bln-rupee WMA limit for states to hold till Sep 30

 

MUMBAI – The Reserve Bank of India today enhanced the aggregate ways and means advances limit for states and Union territories to 470.10 bln rupees, an increase of about 46% from the current limit, which was fixed in February 2016.

 

Ways and means advances is a short-term advance facility provided by the RBI to tide over temporary mismatches in the receipts and payments of the central and state governments.

 

An advisory committee chaired by Sudhir Shrivastava recommended the hike in the limit.

 

Today, the RBI also decided to continue with the enhanced interim ways and means advances limit of 515.60 bln rupees for an additional period of six months till Sep 30. The limit was granted to states to help them tackle the impact of the COVID-19 pandemic.  End

 

Reported by Richard Fargose

Edited by Patricia Hou

 

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