The proposal, however, does not have the current FM's nod as yet but some decisions are expected on this front in a couple of weeks
The Reserve Bank of India is likely to continue as the government's debt manager. Finance Ministry is internally firming up its view on not giving any statutory status to the much debated public debt management agency and instead allowing RBI to continue managing Centre's borrowing programme.
The issue remains that the RBI will continue to be the chief manager of the central government's borrowing program.
Also Read: FinMin receives RBI's proposal to raise FII limit in bonds
The Public Debt Management Agency (PDMA) Bill is surely not on the anvil. The earlier Finance Minister P Chidambaram had also proposed this in the interim-Budget. He also spoke about a non-statutory public debt agency and that is what the finance ministry is trying to workout. However, this proposal does not have the current FM's nod as yet but there could be some decisions on this front in a couple of weeks.
There are two aspects to it. One is the fact that the PDMA Bill is not on the anvil at all. Second is the fact that the government is likely to go ahead with a non-statutory public debt agency. Third, in this context the RBI's powers do not get diluted. There is no need to amend the RBI Act Section 123 which would have taken away the debt management rights from the RBI and transferred it to the finance ministry.
The fourth element is that the current Middle Office which is already there in existence for quite sometime will now assume the role of a non-statutory public debt agency and the blue prints for that is being finalised. Once the FM's nod is in, that is the way the situation will remain.
The context is also the fiscal consolidation roadmap and the fiscal challenges that the economy faces. Under these circumstances it is unlikely that RBI's powers of debt management for the central government will be taken away.
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