RBI offers more short-term support for state governments
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Mumbai, April 7 -- Reserve Bank of India (RBI) on Tuesday relaxed the norms for state governments facing short-term mismatches by extending the overdraft facility for a longer period of time until 30 September. This is the second time in seven days that RBI has relaxed states' ability to borrow, after increasing their ability to borrow short-term loans on 31 March.
In a circular, the RBI said that the number of days for which a state or Union territory can avail of overdraft facility has been extended to 21 working days from the current 14 days. Similarly, the number of days for which a State/UT can be in overdraft in a quarter has been eased to 50 working days from the current 36 working days.
"Increasing overdraft facility to 21 days ...
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