The Union Finance Ministry has set up a Public Debt Management Cell (PDMC) to stream line government borrowings and better cash management with the overall objective of deepening bond markets. The PDMC, to be housed at RBI’s Delhi office, is an interim arrangement and will be upgraded to a statutory Public Debt Management Agency (PDMA) in about 2 years. The PDMC will have only advisory functions to avoid any conflict with the statutory functions of RBI. PDMC has been tasked to plan government borrowings, including market borrowings and other borrowings, like Sovereign Gold Bond issuance. It will also advise government on matters related to investment, capital market operations, administration of interest rates on small savings among others.