RBI forms panel to review WMA scheme

INDIA - The Reserve Bank of India (RBI) will review the ways and means advances (WMA) scheme for states in its entirety. The central bank has constituted an advisory committee for the purpose under the chairmanship of C Ramachandran, ex-expenditure secretary.

WMA is a credit arrangement extended by RBI to the central as well as state governments to help them tide over temporary revenue mismatches, The Economic Times reported. Besides reviewing the existing scheme for the state governments, th