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Mumbai: BMC fixed deposits at same level as last fiscal
Updated On: 20 January, 2024 04:19 AM IST | Mumbai | Prajakta Kasale
Civic body was supposed to withdraw part amount for projects, but many didn’t take off
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The BMC’s fixed deposits make it the richest civic body in the country. File pic
The Brihanmumbai Municipal Corporation (BMC) announced last year that it would withdraw Rs 18,746 crore from fixed deposits (FDs) above the regular income to meet its demand for funds in the financial year 2023-24. However, despite the announcement of projects worth thousands of crores, the FDs of the civic body were unaffected in the last nine months. The reason being several big-ticket projects haven’t taken off and heavy deposits on account of a few projects added to the BMC kitty along with traditional sources of income.
BMC’s FDs have always enjoyed the spotlight, making it the richest civic corporation in the country. Last year, the BMC announced a budget of R52,619 crore which included Rs 18,746 crore that would be withdrawn from FDs. This means the BMC was supposed to use the amount from FDs over and above the income from the other revenue sources. Now, with the upcoming budget, questions are once again being raised on the status of FDs. At the end of March 2023, the BMC’s FDs amounted to Rs 86,401 crore and after nine months—at the end of December—the civic body had almost the same amount in FDs, at Rs 86,490 crore.
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