Finance Minister terms State’s financial position safe

The government will open 14 treasuries this year and try to develop the Treasury Savings Bank as a full-fledged bank on getting Reserve Bank of India (RBI) nod, Finance Minister K.M. Mani has said.

Inaugurating the golden jubilee programmes of the Treasury Department here on Tuesday, Mr. Mani said work on seven treasuries had been completed and the rest would be over soon. Computerisation of the department would be completed soon. A sum of Rs.3 crore had been sanctioned for installing the Integrated Treasury Management System. Core banking solutions would be introduced soon, he said.

The department was the fulcrum of finances in the State. Funds had to be mobilised to support development initiatives. So far, the Finance Department had liberally funded many mega projects without any hitch. A prosperous treasury was an indicator of the financial health of the State. The government had not used ways and means or opted for overdraft. The State financial position was safe, he said.

The fall in Rupee was a major threat. The RBI should take corrective steps. Monetary reforms alone would not save the situation. A major boost in production and a quantum jump in exports were needed to address the crisis, he said.

K. Muraleedharan, MLA, in his presidential address, said new income sources would be needed to fund major projects such as the Kochi Metro.

The State should change its attitude of opposing development and should not miss opportunities anymore, he said.

Treasury Director S. Sreekumar welcomed the gathering. As part of the year-long celebrations, employees of the department stated their willingness for organ donation. Health Minsiter V.S. Sivakumar was also present.

More In: Kerala | National