The Reserve Bank of India has fixed the limit of Ways and Means Advances (WMA) of the State for the current financial year at ₹1,728 crore.
This forms part of the ₹47,010 crore WMA limit fixed for States and Union Territories. The bank had provided higher WMA limit of ₹51,560 crore for States/UTs during the previous fiscal keeping in mind the uncertainties related to the COVID pandemic.
It had however, decided to revert to the WMA limits and over draft timelines, as recommended by an advisory committee with effect from April 1, but said that the norms prescribed were subject to review.
