Maharashtra: Samajwadi Party MLA Rais Shaikh Calls For White Paper On BMC Finances Amid Rising Liabilities And FD Dependence

Mumbai: Ahead of the BMC budget announcement for the next fiscal year, Samajwadi Party MLA Rais Shaikh has called for a detailed white paper on the civic body’s financial health. Shaikh has raised concerns over the BMC’s soaring liabilities, now exceeding Rs 2 lakh crore, and its reliance on fixed deposits (FDs) to fund projects.

In a letter to the BMC, Shaikh highlighted the unprecedented financial strain on Asia’s richest civic body. “The BMC has been dipping into its FDs, creating fear among Mumbaikars about the stability of civic finances,” he stated.

Shaikh demanded that the white paper include: Total FD amounts as of March 31 and December 31, 2024; details of liquidated FDs, including dates, amounts and purposes; and a statement on FDs for the entire current financial year.

He also urged the BMC to disclose its committed liabilities, internal loans over the past two years, repayment plans, and future financial strategies to ensure transparency and accountability.

“The BMC must reassure citizens by addressing fears of a looming financial crisis. Without immediate corrective measures, the civic body could face a debt trap,” Shaikh said.