Mumbai University goes broke?

 Mumbai
Mumbai University goes broke?

Most of you feel the pinch towards the end of the month when a large part of the salary has been spent and the wallet is a bit light…Well, Mumbai University is kind of feeling the crunch as well. But it’s not your usual crunch, this is a serious crunch!

MU has withdrawn INR 111 cr in the last 22 months from its fixed deposit accounts. This was revealed recently through an RTI inquiry.

The finance and accounts department of MU informed RTI activist Anil Galgali about its transactions from 1 July 2015 to 31 May 2017. Around 100 FDs were prematurely broken in that period.

From 20 November 2015 to 28 April 2017, INR 110,87,90,661 was withdrawn by them from which they got an interest of INR 3,55,06,656.49 but had they waited till the FD matured, they would’ve got four times the amount.

Galgali says he has written to the governor asking that the Mumbai University vice-chancellor Dr Sanjay Deshmukh be removed from his post. "He has been unable to get the university results declared on time, and now he is playing with the varsity's fixed deposits as well. Lack of planning and bloated budget figures have impacted the varsity hard. We are asking that all varsity officials who are responsible for the worsening financial condition of Mumbai University be probed through a committee headed by a retired judge."

Mumbai University Registrar M A Khan, on the other hand, says the university spends INR seven crore on the 2500 employees. "We receive 75 per cent of the amount payable to 1000 employees as an advance from the state government. Whenever we are in a financial crisis, we need to cash in the fixed deposits to tide over. In addition, we have been spending on building a new library, hostel, a new examination building and a new girls' hostel at Nariman Point. All this is an additional financial burden on the varsity."

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