Manipur in financial crisis faces overdraft of over Rs 274 crore
By Indian Express 13-Jun-2019
On Tuesday, Anita Kumari, Assistant General Manager of RBI, in a statement to the Chairman, State Bank of India (SBI) has asked to stop payment to the Government of Manipur with effect from June 12 and conveyed the same to its branches engaging in a financial transaction with the state (Manipur).
“The account of the government has been overdrawn in excess of the arrangement agreed upon with the Reserve Bank of India. It has therefore been decided as per extant procedure, to stop payments of the government of Manipur with effect from June 12.”
A government source said that the state faces overdraft of Rs 247.48 crore, exceeding 36 days in a quarter, as per the scheme of ‘Ways and Means Advances’ to the state government for the year 2010-20.
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