The financial situation of the Kerala State Road Transport Corporation (KSRTC) has significantly improved following the swapping of the Rs.1,300-crore loan taken from the Kerala Transport Development Finance Corporation with the consortium of nine banks led by the State Bank of India.
The daily collection from the 27 KSRTC depots is being deposited in the banks and the transport utility has already repaid Rs.35 crore to the banks in two months. The daily repayment has come down from Rs.1.82 crore to Rs.47 lakh with the swapping of the loan, giving a breather to the loss-making corporation.
“The banks are returning the excess money with interest from the collection that reaches them after taking the money for repayment of loan. We are utilising it for disbursing the pension,” Chairman and Managing Director Antony Chacko told.
Claiming that the financial situation has improved through the swapping of the loan, he said “the financial correction is one of the biggest achievements in the history of the utility.”
The revenue-expenditure deficit of the utility has come down to Rs.42 crore. But, this is to go up as the corporation will need Rs.7.5 crore for the payment of DA, increase in the price of diesel and reduction of Re.1 in the ordinary bus fare.
The corporation will have to find another Rs.6.5 lakh for the fuel bill following hike diesel price. The daily collection from the fleet that touched Rs.6.5 crore on Mondays has slipped further in February.
(The Hindu)