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Addition of ₹12,000 crore in BMC's reserve funds in the last two years

In the last two years, BMC has witnessed a rise of ₹12,000 crore in its funds. The cash has been distributed to numerous banks and has been kept as fixed deposit for 15 months

Addition of ₹12,000 crore in BMC's reserve funds in the last two years
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The country's wealthiest municipal corporation, Brihanmumbai Municipal Corporation (BMC) has recorded an addition of ₹12,000 crore in its fixed deposit in banks. This indicates that the civic body currently possesses close to ₹79,000 crore in the bank. The earnings are said to be kept reserved for a major developmental project.

In the last two years, BMC has witnessed a rise of ₹12,000 crore in its funds. The cash has been distributed in numerous banks and has been kept as fixed deposits for 15 months. The municipal corporation enjoys a seven per cent interest of its funds in the bank.

Meanwhile, in the total ₹79,000 crore, close to ₹52,000 crore have reserved for the upcoming infrastructure projects, whereas around ₹12,963 crore has been kept for Employees' Provident Fund, Employees' Pension Fund, etc.

A senior BMC official said that since such a large amount of money is left unused, the administration is planning to invest the money according to government norms. 


Here are the details about BMC's Reserve Funds:

  • Close to ₹79.91 crore in various banks (Fixed Deposits)
  • Term Deposits in Canara Bank, State Bank of India, Punjab & Sind Bank, Indian Overseas Bank, Syndicate Bank, Corporation Bank, Oriental Bank.
  • Fixed Deposits earning interest of up to 7 per cent per annum
  • An increase of ₹12,000 crore in the civic body's reserve funds
  • ₹52,000 crore reserved for projects like Coastal Road, Goregaon-Mulund Link Road, etc.
  • 12,963 crore reserved for employee welfare schemes such as the Employees' Provident Fund, Employees' Pension Fund, etc.
  • An outstanding balance of ₹4331.34 crore towards Maharashtra government
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