As an incentive to build up the Consolidated Sinking Fund (CSF) and GRF, the Bezbaruah Committee (2005) had recommended that net incremental (i.e., new investment less redemption/liquidation) annual investment of States in CSF/GRF would be made eligible for availing Special WMA, but up to a ceiling equivalent to the Normal WMA limit.
Keeping this in view, the Reserve Bank circulated revised draft GRF scheme amongst the State Governments in May 2006. As on June 30, 2007, eight State Governments had set up the GRF, of which three had put in place the revised scheme.