15th December, 2016.
The Kerala State Road Transport Corporation (KSRTC) has received a loan amount of Rs. 100 from Canara Bank to pay off the salary and wages of employees and enrolled stuff for the month of December and pensions for two months.
The bank would provide the whole amount in installments to the KSRTC. The bank will provide Rs. 50 crore as the first installment on Wednesday. The amount will disbursed to KSRTC via the Kerala Transport Development Finance Corporation.
The formalities required for getting the loan amount have already been started. Once the formalities are over, which is expected to be over by Wednesday, employees will be able to draw salary from banks and ATMs. Salary will be disbursed in installments considering the limitations on cash withdrawals from banks and ATMs. So, the transport corporation will get time to better manage the remaining funds. The KSRTC currently needs Rs.70 crore to pay off the salary of its employees and Rs. 30 crore to pay off pensions of the enrolled staff.