DC | 4 hours 20 min ago
Hyderabad: The finances of Apsrtc dipped by Rs 130 crore in the last one week of the strike. While APSRTC is already reeling under huge losses and takes loans every month to meet its salary requirement, those very loans are now becoming a problem to obtain, indicate insiders.
With 12,000 services remaining off the roads for a week now, the management is scratching its head over how to make ends meet. Since the situation is deteriorating further with each passing day, banks are reluctant to extend any further loans due to uncertainty over its future.
The corporation is already reeling under a loss of Rs 3,000 crore and a debt of Rs 4,000 crore for paying salaries thus far. With the current strike by the two prominent Apsrtc unions (Apsrtc Employees’ Union and the National Mazdoor Union), the money-level is dropping even faster at the pace of Rs 12 crore with each passing day.
The corporation, meanwhile, will be holding back the salaries of the employees on strike and may also have to delay salaries in general if the current tight situation persists.
States: Andhra Pradesh
Hyderabad: The finances of Apsrtc dipped by Rs 130 crore in the last one week of the strike. While APSRTC is already reeling under huge losses and takes loans every month to meet its salary requirement, those very loans are now becoming a problem to obtain, indicate insiders.
With 12,000 services remaining off the roads for a week now, the management is scratching its head over how to make ends meet. Since the situation is deteriorating further with each passing day, banks are reluctant to extend any further loans due to uncertainty over its future.
The corporation is already reeling under a loss of Rs 3,000 crore and a debt of Rs 4,000 crore for paying salaries thus far. With the current strike by the two prominent Apsrtc unions (Apsrtc Employees’ Union and the National Mazdoor Union), the money-level is dropping even faster at the pace of Rs 12 crore with each passing day.
The corporation, meanwhile, will be holding back the salaries of the employees on strike and may also have to delay salaries in general if the current tight situation persists.
States: Andhra Pradesh
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