The involvement of experts from outside the Reserve Bank in such Advisory Committees helped to strengthen and broad-base the modalities for effecting appropriate changes in the WMA Scheme.
In fact, three Advisory Committees, that have been constituted so far, have been chaired by experts from outside the Reserve Bank and have included other “external” experts apart from senior functionaries from the Reserve Bank, as members. The first informal Advisory Committee on the WMA to State Governments was constituted in 1998, under the chairmanship of Shri B.P.R. Vithal.