The Reserve Bank of India has warned the Union finance ministry that West Bengal is facing a "severe overdraft crisis" — in other words, it is going bankrupt. The state's financial condition is so bad that it may have to dip into central funds for welfare projects if it has to pay its employees the salary for February. Sources in the RBI say that as on February 21, Bengal has taken more than `1800 crore as loan. It has also been regularly dipping into the ways and means advances (WMAs) to meet its daily expenses. It has come to such a pass that the Buddhadeb Bhattacharjee government has been surviving on overdrafts running into hundreds of crores for the past 10 days.
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