The Reserve Bank of India on Thursday tweeted that several media reports have stated that the Indian government has allowed states to take 50 percent of their total loan requirement for the financial year 2020-21 in April 2020 itself. RBI said that the consent of the Government of India for the said loan to the state government applies for the first nine months of the current financial year 2020-21. It is to be noted that the central government has allowed states to take fifty percent of their total debt limit for the financial year 2020-21, between the first nine months of the financial year i.e. April 2020 to December 2020. This was revealed by a letter written by the Ministry of Finance to the Reserve Bank of India.
For your information, let us tell you that this letter of the Ministry of Finance was put on the website of the Department of Expenditure on Tuesday. According to this letter, the finance ministry has allowed all states to take a total loan of Rs 3.20 lakh crore from the market during the months of April to December. The ministry has decided to allow this permission after the states demand large funds from the Center to deal with the coronavirus epidemic. According to the letter, 28 states of the country have been allowed to take loans from the market.
According to this letter put on the website of the Ministry of Expenditure regarding this matter, Uttar Pradesh can take loans of Rs 29,108 crore, Karnataka 27,054 crore, Gujarat 26,112 crore West Bengal 20,336 crore, Maharashtra 46,182 crore and Rajasthan 16,387 crore. The letter also said that in the first 9 months of the current financial year, further consent for taking loans from the open market will be given after receiving complete information from the states.
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