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.

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Printable version | Jun 2, 2020 2:13:33 AM | https://www.thehindu.com/news/national/andhra-pradesh/pac-govt-failed-to-use-personal-deposit-funds/article22399831.ece

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