RBI permits greater space to State Governments/ Union Territories for availing overdraft facilities
Capital MarketIn order to provide greater flexibility to the State Governments to tide over their cashflow mismatches, RBI, on a review, has decided to increase the number of days for which a State/ UT can be in overdraft continuously to 21 working days from the current stipulation of 14 working days. The number of days for which a State/ UT can be in overdraft in a quarter has been increased to 50 working days from the current stipulation of 36 working days. All other stipulations remain unchanged.This arrangement will come into force with immediate effect and will remain valid till September 30, 2020.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
