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Mumbai: BMC loses over Rs 3,000 crore in FDs
Updated On: 20 November, 2022 07:42 AM IST | Mumbai | Prajakta Kasale
The amount was used for various projects like coastal road, bridges and storm water drain projects
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The fixed deposits of the BMC fell to Rs 89,353 crore at the end of September from Rs 92,636 crore at the end of January. Earlier, the FD amount had increased by 18 per cent during the last year, after the corporation had given a 50 per cent concession on development premium.
The FDs of the richest municipal corporation has always been in the limelight. In the last financial year, the fixed deposits of the BMC touched the Rs 90,000 crore mark after remaining stagnant for years. But as per the latest figures, it reduced in the last eight months by more than Rs 3,000 crore. The fund was majorly used for the coastal road, construction of various bridges, stormwater projects etc.
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