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Govt didn’t borrow from Reserve Bank last week
MUMBAI — India’s government didn’t borrow from the central bank in the week ended on August 17, refraining from using the temporary loan facility, the Reserve Bank of India said in an e-mailed statement from Mumbai.
The government had no outstanding debt with the central bank, the statement said. The government has a limit of Rs200 billion ($4.87 billion) on loans for the first half of the year to March 31 and Rs60 billion for the second.
The central bank charges the government the repurchase rate for loans extended to the maximum limit. The repurchase rate, currently 7.75 per cent, is the rate at which the central bank lends funds to banks. Loans beyond the limit are charged an additional two per cent.
The government is not allowed to keep an overdraft for more than 10 days. If loans exceed 75 per cent of the limit, the government sells bonds to repay the funds.
State governments repaid Rs20.1 billion to the central bank in the week through August 17, reducing their total outstanding to Rs280 million, the central bank said.
The state governments have a limit of Rs98.75 billion on loans from the bank for the fiscal year, the same as in the previous year, the central bank said in April.
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