Bangalore: Chief Minister Siddaramaiah, who declined to intervene and bail out a bankrupt BBMP two days ago, seems to have changed his mind.
Speaking to media persons here on Saturday, the Chief Minister said the government has approved BBMP’s loan swapping-proposal.
Though the local authority had incurred expenditure beyond its budget, developmental projects implemented in the city did not match the outflow.
“It is difficult to set right the BBMP. Still, we have decided to raise a low-interest of Rs 132 crore loan from financial institutions to repay high-interest loans. This will be the beginning of restructuring of BBMP,” he added.
BBMP has been advised to intensify its property tax collection drive, take action against those who owe dues besides tapping other sources of revenue, Siddaramaiah added.
