Hyderabad: Bank of India has sanctioned Rs.1000 crore to the Telangana State Road Transport Corporation (TSRTC) after an assurance from the government.
In a statement, TSRTC disclosed that Rs.500 crore has been approved as the first installment with the remaining Rs.500 crore to be sanctioned after a month.
The transport corporation after receiving the full loan amount will seek advice from Chief Minister K. Chandrashekhar Rao on its usage. It was informed that the TSRTC suffered a loss of Rs. 2,600 crore because of the Covid-19 pandemic imposed lockdown. The fall of revenue and the interest on bank loans, CCS, and PS have contributed to the losses.