TSRTC to use Rs 500 crore loan to pay pending CCS dues

Hyderabad: The Telangana State Road Transport Corporation (TSRTC) has decided to utilise the loan amount of Rs 500 crore to pay the pending dues of its Credit Cooperative Society (CCS) in the wake of court orders.

Transport Minister P Ajay Kumar on Sunday reviewed functioning of the corporation and enquired about its revenues. He said the government has allocated Rs 1,500 crore in the budget, another Rs 1,500 crore would be provided, as per non-budgeted funds.

The allocated funds were being transferred to the corporation every month. Banks have released Rs 500 crore out of the Rs 1,000 crore on government guarantee.

He discussed in detail on how to utilise the loan. The money would be used keeping in view the corporation's financial needs. A part of the loan would be used for retired employees.

The Minister expressed satisfaction over the daily income of Rs 9 crore and said if it is increased to another Rs 2 crore or Rs 3 crore, the financial situation can be improved.