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Mumbai: BMC to use FD interest on city projects
Updated On: 04 February, 2023 07:50 AM IST | Mumbai | Sameer Surve
Sources say civic body is also looking at new income sources as several projects are lined up for the upcoming financial year
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BMC commissioner I S Chahal. File pic
The Brihanmumbai Municipal Corporation is looking to raise funds for various projects from the interest earned on its fixed deposits, said civic sources. It had used a part of the interest previously during the Covid-19 pandemic. At present, the BMC has over Rs 88,000 crore in its fixed deposits (FD), including the interest of around Rs 6,000 crore, sources added. Around Rs 4,000 crore was used for Covid-19 management, they said.
“About 7 per cent to 8 per cent of the Rs 88,000 crore in FD is earnings from the interest and there will be no problem in using this amount on projects. The rest of the amount cannot be touched, as it includes deposits for employees, contractors’ security deposit that needs to be returned and around 41 per cent to 42 per cent of the amount is earmarked for various ongoing or proposed projects,” a source said.
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