Summary:
They recommend restructuring the loans and help from the State government to clear pending bills to make the BBMP financially stable. Interest amountThe interest rate of 10.15% is higher than the current lending rates, sources said. Apart from the interest burden, the civic body is struggling to clear pending bills of contractors. For a loan of ?1,645.85 crore availed in 2011-12 and 2012-13, the civic body has already paid interest of over ?1,100 crore. It is high time that the BBMP and State government work out a solution to clear the loans to save the interest and retrieve the iconic buildings,” Mr.
Athri said..