The KSRTC is likely to get a fillip soon, with the Ernakulam District Cooperative bank offering a loan of `300 crore to the struggling agency.
The Corporation had submitted a memorandum to the bank, seeking financial aid. “A decision on providing loan to the KSRTC will be taken after consulting the State Government and the NABARD. We will definitely sanction the loan it we get approval from these agencies.“ The loan will be sanctioned against land property, with the government as the co-guarantor,” Cooperative Bank president N P Paulose told reporters here on Tuesday. The KSRTC needs around `123 crore to pay salary and pension, and to meet the other expenses.
News: New Indian Express