Andhra Pradesh

PAC: Govt. failed to use personal deposit funds

The State government has not been maintaining the minimum balance of ₹2 crore every day, mandatory as per the RBI norms. It didn’t spend ₹20,000 crore lying in the personal deposit (PD) accounts but went for overdraft (OD) for 267 days in the financial year 2015-16.

Public Accounts Committee (PAC) Chairman B. Rajendranath Reddy raised these issues at the Committee meeting on Monday.

If the funds were not spent before March 31, they would go back to the Centre, he said.

Taking a serious note of the OD to the tune of ₹30,000 crore, the PAC sought to know why the government was not following the RBI norms.

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

Printable version | Jun 2, 2020 2:13:33 AM |

Next Story