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No RBI permission to Telangana borrowings
Reserve Bank of India
Govt set to face severe financial crunch in June also
Hyderabad: The State government is set to face severe financial crunch in June also as the Reserve Bank of India (RBI) has not given permission to seek borrowing through security bonds.
On Friday the apex bank released the list of 11 States including Andhra Pradesh, Gujarat, Haryana, Tamil Nadu, West Bengal which have been permitted to auction their security bonds and borrow money from financial institutions.
Officials said that the RBI has stopped Telangana from seeking loans from April, the first month of the new financial year 2022-2023. The government was expecting Rs 4,000 crore every month through borrowings. The Union Finance ministry has strongly objected to the government's move to seek borrowings through corporations without including them in the State debt account. Already, the government has borrowed more than Rs 1 lakh crore under various corporations.
To meet its financial needs, the government recently increased liquor prices. The State Finance department is finding new options to mobilise funds until the Centre give its nod for borrowings.
