Mah: ASCDCL struggling to meet expenses from the troubled Yes Bank

Mah: ASCDCL struggling to meet expenses from the troubled Yes Bank

Agency News

Aurangabad, Mar 10: The offices which are associated with the smart city project of Aurangabad city found themselves in a precarious position on Tuesday when it came to light that a revenue of Rs.8.22 crores which was collected through the operation of smart city buses is lying with the troubled Yes Bank.

Aurangabad Smart City Development Corporation Limited (ASCDCL) had started the operation of 90 smart city buses under the smart city mission on January 23, 2019. The buses being run by the Maharashtra State Transport Corporation (MSRTC) and the ASCDCL release funds for MSRTC on kilometer basis. On a daily basis the revenue collection amounts to around Rs.Three lakh.

All this revenue money is deposited in the account which is with Yes bank. Now the bank is in financial dire straits. The ASCDCL is now finding itself in trouble because the RBI has imposed restrictions on the amount of money one can withdraw from the bank which is Rs 50,000.

Yes Bank has at the moment refused to accept any more money in its account forcing AMC to open another account with SBI where it is depositing the daily collected money. Meanwhile, Aurangabad city mayor wrote a letter to the RBI asking it to grant permission to MSRTC to withdraw money to meet its expenses. (UNI)