The Kolkata Municipal Corporation KMC which is facing a financial crisis would like borrow Rs 400 crore from the market, Mayor Sovan Chatterjee said.

A meeting of the Members of the Mayor in Council (MMIC) on Wednesday approved the KMC’s decision to borrow Rs 400 crore from nationalised banks, Mr. Chatterjee said.

After the MMIC meeting approved the decision to borrow Rs 400 crore, the KMC has sent the proposal to the West Bengal government. KMC needs the approval of the State government to borrow money.

The Mayor said the KMC needs Rs 400 crore to maintain essential civic services as well as fund development and beautification projects.

The Trinamool Congress led civic board had presented a Rs 352 crore deficit budget and a tax waiver scheme during the KMC budget.