RBI allows Telangana to borrow Rs 4000 Cr

June 04, 2022 12:07
RBI allows Telangana to borrow Rs 4000 Cr

RBI allows Telangana to borrow Rs 4000 Cr:- Telangana has been in financial stress after the Centre stopped funding the state. Telangana Chief Minister KCR made sensational comments on Prime Minister Narendra Modi and the Centre for not granting funds. The Reserve Bank of India permitted the government of Telangana to borrow Rs 4000 crores by selling the security bonds in the open market. TRS revealed that the Centre agreed for their demand as it was genuine. The leaders of BJP said that the Indian government has no discrimination for any state and all the states are equal. Centre also granted similar permission for Andhra Pradesh, Tamil Nadu and Maharashtra revealed the leaders of BJP.

The states can raise their revenue by selling their stocks through the open auction. RBI Core Banking Solution System conducts the auction on June 7th. The statement of RBI told "The Government of Telangana is allowed to sell stock by way of auction for an aggregate amount of Rs 4,000 crore for the period of 13 years". The Union Finance Ministry has raised objections for mobilizing the loans by the government of Telangana from April this year. This pushed the state into a financial crunch. Telangana government is in plans to pull Rs 10000 crores in the two months to meet the requirement. Massive amount of money is needed to distribute funds for Rythu Bandhu and Dalit Bandhu. KCR held a meeting with the officials of the Finance Department about the availability of the financial resources.

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Tagged Under :
RBI  Telangana