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Home / News / India /  Mumbai: India's richest civic body's fixed deposits surpass 82,000-crore mark

Mumbai: India's richest civic body's fixed deposits surpass 82,000-crore mark

Mumbai: The BMC earns around 1,800 crore as interest per year on fixed deposits

The BMC's 82,410 crore reserve is present in 343 separate FDs at private and public banks

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Mumbai: 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.

Mumbai: 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'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.

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.

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.

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.

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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