Summary:
Varanasi: Varanasi is getting ready to become the second city in the state after Lucknow whose civic body will raise money through municipal bonds.
This move is part of the state government’s efforts to make municipal corporations in UP self-reliant.
The civic body has been given a target of raising Rs 200 crore through the bonds.
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Varanasi: Varanasi is getting ready to become the second city in the state after Lucknow whose civic body will raise money through municipal bonds.
This move is part of the state government’s efforts to make municipal corporations in UP self-reliant.
The civic body has been given a target of raising Rs 200 crore through the bonds.
In a statement, the state government said the Varanasi Municipal Corporation had started preparing the bonds that would be used to raise the money, and the funds collected would be invested in various infrastructure schemes and in the city’s development.
According to the government, this move is expected to improve the civic body’s public image and help it raise investments from across the world.
The municipal bonds are debt securities issued by the government.
It is a sort of credit card using which funds are raised.