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.