Most of the interest earned through this deposit is spent on various welfare schemes for its workers.
Mumbai: A day after the Brihanmumbai Electric Supply & Transport (BEST) announced the suspension of its air-conditioned services, it has come to light that the undertaking has a meagre Rs 57 crore in fixed deposits. Most of the interest earned through this deposit is spent on various welfare schemes for its workers.
Anil Galgali, from the reply to his Right To Information (RTI) query, revealed, “Losses in the department are mounting in the tune of more than Rs 1,000 crore. Situation is so grave, that the department is thinking of taking loans to pay salaries to their employees every month.”
He further added, “Around 44,000 employees are yet to receive their salaries.” When Mr Galgali asked the BEST about deposits and investment, it was revealed that the total deposits and investment in FD receipts add up to only Rs 57 crore. A public information officer, in reply to Mr Galgali’s query said a large percentage of this amount is invested in the Electric Supply Contingency Reserve Fund, also known as ECRF.