Public Debt Management Cell Set Up

Union Finance Ministry on 4 October constituted a Public Debt Management Cell (PDMC). The cell was created to streamline government borrowings and better cash management with the overall objective of deepening bond markets.
●    The Joint Secretary (Budget), Department of Economic Affairs, Ministry of Finance would be the overall in-charge of the ODMC.
●    As an interim arrangement, the PDMC will be housed at the RBI's Delhi office. In about two years, the PDMC will be upgraded to a statutory Public Debt Management Agency (PDMA).
●    The interim arrangement will allow separation of debt management functions from RBI to PDMA in a gradual and seamless manner, without causing market disruptions.
●    It will have only advisory functions to avoid any conflict with the statutory functions of RBI.
●    It has been tasked to plan government borrowings, including market borrowings and other borrowings, like Sovereign Gold Bond issuance.