India's Central Bank Panel Proposes Higher Advance Limits for State Governments

A panel appointed by the Reserve Bank of India (RBI) has recommended increasing the aggregate ways and means advances limit for state governments to 678.39 billion rupees ($7.07 billion) from the current 610.08 billion rupees. The proposals also include measures to strengthen states' cash management practices, such as spreading market borrowings more evenly throughout the year and reducing the maximum number of consecutive overdraft days.