TS govt increases borrowings
PNS |Hyderabad
With State government facing shortage of funds, the government has increased the amount in open market borrowings for this week. Telangana decided to raise Rs2,000 crore OMBs by the RBI on Tuesday. Already on July4, Rs2000crore was raised and on July 11, Rs 1000 Crore. As per the indicative calendar, TS wanted to raise only Rs 3000 Crore. But with the latest Rs 2000 Crore addition, the borrowings are Rs5000crore in July. The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on Tuesday. Telangana government has to disburse money for its welfare schemes. These schemes include Dalit Bandhu, Gruha Lakshmi, Financial assistance to BC artisans at Rs1lakh, apart from the outstanding dues of Rythu Bandhu for farmers above 5acres land.
With the dates of the election nearing, the government seems to have gone for another round of auctioning in July. The market borrowings limit for Telangana for the current year at Rs36,617 crore. It may be mentioned here that TS planned in the first quarter but raised Rs12,000 crore from April-June. As per the Indicative calendar of RBI proposed earlier TS was supposed to raise Rs2000 on July4 and Rs1000 on July18. In August the state planned to raise Rs4000crore of which Rs1000crore was On August1, Rs2000crore on August14 and Rs 1000crore on August29. In september, state planend to raise Rs3200crore. On September5, TS planned to raise Rs1000cr, September12 to raise 1200crore and Septmeber21 another Rs1000 crore.
