Banks have finally come forward to sanction loans to debt-ridden Telangana State Transport Corporation (TSRTC). According to the reports, the banks are going to sanction Rs. 500 crore for TSRTC. The government has proposed Rs 1,500 crore in the current financial year to support the TSRTC and another Rs 1,500 crore in non-budget form. However, the government has been releasing funds for paying salaries to the employees during the coronavirus pandemic time.
In May, the Telangana government has issued orders to take a loan of Rs 1,000 crore from banks as extra-budgetary funds. Earlier, the banks didn't come forward to give loans to the state-owned public transport. The government officials and RTC officials have conducted rounds of meetings to get loans from the banks. Finally, banks agreed to sanction Rs 500 crore as loans. The government officials are striving hard for sanctioning the loan of another Rs. 500 crore.