India Panel Proposes Higher State Advance Limits
An Indian central bank panel proposed raising the aggregate ways and means advances limit for state governments to 678.39 billion rupees. The committee also recommended measures to improve cash management and reduce overdraft limits.
An India central bank panel on Tuesday proposed raising the aggregate ways and means advances limit for state governments to 678.39 billion rupees ($7.07B) from 610.08 billion rupees. The review aims to strengthen state cash management practices amid growing regional debt issuance. Heavy borrowing by regional authorities earlier in the year complicated central bank efforts to lower interest rates.
