The member of the Telangana Legislative Council P. Sudhakar Reddy has alleged that the State Finance Corporation (SFC), which is yet to be bifurcated, has withdrawn the authorisation of the managers of Telangana branches to operate its accounts, thus impacting the lending to the industries in Telangana.
In a letter to Governor E.S.L. Narasimhan, he said that the SFC is being headed by a Andhra Pradesh cadre officer and his recent decision to withdraw the powers of local managers was against the interests of Telangana. Since the SFC is not bifurcated so far Telangana’s interests are being hurt, he said and requested the Governor to intervene and restore powers of mangers of Telangana branches.
He said as per the plans Telangana branches were supposed to lend ₹ 700 crore this year but the target has not been met due to withdrawal of powers.
