Headlines

NMC’s Rs 95 crore, Nagpur University’s Rs 191 crore at risk due to Yes Bank crisis


Radhika Dhawad | Mar 9, 2020 15:47

Funds amounting to 95 crore of Nagpur Municipal Corporation (NMC) are stuck in the Civil Lines branch of Yes Bank in Nagpur. The Reserve Bank of India (RBI) restricted deposit withdrawal of RS 50,000 per month after severe deterioration of the bank’s financial position. 

The civic body’s amount that is stuck is the Chief Minister’s fund worth Rs 95 crore sanctioned for the city’s development works. Apart from this, even Nagpur University has fixed deposits of about Rs 191 crore with Yes Bank. However, officials feel the money is safe and would not impact its functions.

Also read: Nagpur Police bust sex racket at Central Avenue’s OYO Hotel, rescue 2 including airhostess, arrest 3