Mumbai: RTI activist Anil Galgali said that the BMC prematurely broke eight fixed deposits totalling ₹2,360 crore six times over the past five years. This information was received by the activist in a reply to a query submitted by him to the BMC. The BMC, the wealthiest municipal corporation in the country, holds over ₹80,000 crores in fixed deposits across various banks.
Galgali had sought details from the BMC regarding the early termination of fixed deposits.In response, BMC’s Deputy Chief Accountant (Revenue 2) provided a list of eight fixed deposits prematurely broken.
On August 29, 2022, ₹645.20 crores was withdrawn from Union Bank of India to pay salaries, pensions, and bonuses to employees ahead of the Ganeshotsav festival. A fixed deposit of ₹949.50 crores with State Bank of India, dated March 15, 2024, was liquidated to be given to MMRDA. On August 19, 2019, ₹250 crores and ₹113 crores were withdrawn from State Bank of India to provide subsidies to BEST. On August 21, 2019, an additional ₹115 crores was withdrawn for the same purpose. On March 25, 2023, three fixed deposits totalling ₹279.12 crores (₹100 crores, ₹92.06 crores, and ₹87.06 crores) were withdrawn from State Bank of India to continue funding subsidies to BEST.