Mumbai: BMC Holds ₹79,873 Crore In Fixed Deposits As Opposition Questions ₹13,775 Crore Withdrawals

Mumbai, October 21, 2026: Tensions flared at Wednesday’s BMC Standing Committee meeting as the ruling party and the Opposition clashed over the withdrawal of thousands of crores of rupees from the civic body’s fixed deposits (FDs). However, Chairman Prabhakar Shinde revealed that the BMC holds Rs 79,873 crore in FDs across various banks.

The controversy erupted after the civic administration tabled its quarterly report on FDs up to March 2026. Congress group leader Ashraf Azmi slammed the report as “incomplete and misleading”, demanding a comprehensive account of the Rs 13,775 crore withdrawn between 2021 and March 2026, during the administrator’s tenure.

Opposition Questions Use Of Civic Funds

Raising questions over the priorities guiding the use of civic funds, Azmi alleged that corporators were struggling to secure money for toilet-related works even as thousands of crores were being withdrawn from fixed deposits.

He questioned the absence of a timely and transparent account of the expenditure, warning that continued withdrawals on such a scale could gradually erode the BMC’s reserves.

“If the deposits keep shrinking, where will the money for Mumbai’s development come from over the next five years?” was the concern underlying Azmi’s warning. He also demanded that the mayor convene a special meeting to examine the utilisation of the funds in detail.

Ruling Party Defends Withdrawals

Stepping up the pressure, the Opposition sought a white paper detailing where, how and for what purposes the Rs 13,775 crore was spent. It also called for a transparent account of the withdrawals made since the administrator took charge.

Responding to the allegations, ruling party leader in the civic House Ganesh Khankar agreed that the administration should regularly submit details of fixed deposits to the Standing Committee.

However, he maintained that the withdrawn money was being used exclusively for development works and asserted that there would be no misuse under the current ruling dispensation.

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Detailed Report Sought At Next Meeting

Shinde directed officials to present a detailed account of the BMC’s fixed deposits at the next committee meeting, making it clear that the report would not be approved without a comprehensive presentation.

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