Andhra Pradesh - Vijayawada   

Cheque presented by Collector

Staff Reporter

VIJAYAWADA: The district Collector and Special Officer of the Vijayawada Municipal Corporation (VMC), K. Prabhakara Reddy, handed over a cheque for Rs. 69.50 crores from United Bank of India (UBI) to the Municipal Commissioner, V. Usha Rani, here on Friday. The VMC raised the loan at a low interest rate of 7.25 per cent to clear the Rs. 70 crores loan repayment arrears pending with HUDCO. The Corporation was initially granted a loan of Rs. 38 crores by HUDCO for infrastructure development at a higher interest rate. HUDCO later slashed the interest rates and increased the loan amount. The corporation had to pay Rs. 9.6 crores per annum to HUDCO towards debt servicing, but the same could not be done for want of funds. The VMC now raised a loan from UBI at a lower interest rate to clear the arrears, the Municipal Commissioner, V. Usha Rani, said.

Printer friendly page  
Send this article to Friends by E-Mail

Andhra Pradesh

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Business | Sport | Miscellaneous | Engagements |
Advts: Classifieds | Employment | Obituary | Updates: Breaking News |

Stories in this Section

CPI(M) seeks ward-wise action plans
Low pressure a problem
Panel to rebuild 42 coastal villages
Reason to be content
Cheque presented by Collector
Summer camp on yoga from today
Around the City
In Vijayawada Today

Copyright © 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu