The Ways And Means Advances (WMA) Scheme

Consider the following statements:

  1. The Ways and Means Advances (WMA) scheme is designed to meet temporary mismatches in the receipts and payments of the government.
  2. Under this, the government can avail of immediate cash from the RBI, if required. But it has to return the amount within 60 days.
  3. Interest rate for WMA is currently charged at the repo rate.
Choose the correct answer from the codes given below:
A
Only 3
B
1 and 2
C
1 and 3
D
Only 2