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NMC’s 97.66 Crores Stuck in Yes Bank

In the recent turmoil going on in Yes Bank that led the cap on all its customers not to withdraw their money exceeding to 50K, many of the top companies and businesses are seen stuck with their money. One of these includes our civic body Nagpur Municipal Corporation, which seems to have been stuck with around 97.66 Crores in the bank. As per reports, the NMC clears the majority of its bills through Yes Bank, which seems to be struggling now.
It was supposed to clear all the pending amounts to its contractors with the money it has in the Yes Bank accounts, however, with the ongoing crisis hovering on the bank, the civic body of our city seems to be stranded now. As per reports, NMC is having its account in the Civil Lines branch. Around 95 Crores have been deposited in the Civil Lines Branch to date. This was the money allotted during the regime of Devendra Fadnavis transferred in the said account.
As per reports, the Finance and Accounts Department of NMC remains mute on this topic even they were asked to comment, they continued to remain silent on this issue. Hence it is still not clear if the money given to them during the financial year of 2015 to 16 was kept to park the amount in the bank or was kept to clear the bills for the contractors. As per reports, the former CM has allotted not more than 360 Crores and all went through this account of Civil Lines Branch during his regime.

Mohd Khan

Khan Is a Senior Content writer and have been into the content domain from more than a decade. He has dealt with diverse areas in content, and writing has been his passion. Email: Khan@nagpuroranges.com

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