ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Separation of Public Debt from RBI

The government of India has decided to establish a Debt Management Office (DMO) to manage the public borrowings of central and state governments and enact for that purpose the National Treasury Management Act (NTMA) which would d ivest Reserve Bank of India (RBI) of this function. This would have been operationalised by now but for the global economic meltdown and the RBI’s note of caution about the huge borrowing programme of the government of India of more than Rs 4.5 lakh crore in this fiscal.

But the issue is very much alive and might be revived any time. We, the representatives of RBI staff and officers, would like to place the factual position before the public so that there might be informed discussions to arrive at a national consensus on this vital matter.

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