Mumbai: India's richest civic body's fixed deposits surpass ₹82,000-crore mark
The BMC's ₹82,410 crore reserve is present in 343 separate FDs at private and public banks
PremiumMumbai: The Brihanmumbai Municipal Corporation, which is the country's richest civic body, on Wednesday unveiled its Fixed Deposits (FD) reserves. According to a report by the Hindustan Times, Livemint's sister organisation, the FD reserves of BMC has surged to ₹82,410 crore. The ₹82,410 crore reserve is present in 343 separate FDs at private and public banks. As per the daily, the BMC earns around ₹1,800 crore as interest per year on fixed deposits.
BMC's FDs worth ₹5,664 crore got matured this year, while the civic body invested ₹9,079 crore in new deposits. BMC has taken an internal loan from FDs attached to infrastructure development projects. For the construction of coastal roads, BMC has linked FDs worth ₹50,952 crore. The FDs of ₹26,000 crore are part of Employees' PF and pension accounts.
BMC stated that its fixed deposits were at ₹79,002 crore in August this year. Of this, FDs of ₹5,664 crore matured and it made another FDs of ₹9,079 crore including the matured FD amount.
For the FY 22 budget, the BMC presented a budget of ₹39,038.83 crore with no new taxes for the city residents. The budget is aimed at the upgradation of the city’s infrastructure, healthcare, and municipal education systems.
This year's budget was 16.74% more than the previous year's budget. In 2020, the BMC had presented a budget of ₹33,441.02 crore.
Moreover, the civic body has also increased capital expenditure to ₹18,750.99 crore in 2021 which is ₹7,847.41 crore more than the 2020's allocation at ₹10,903.5 crore.
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