In just a year, the Brihanmumbai Municipal Corporation’s (BMC) fixed deposits (FD) have shrunk by almost Rs 4,000 crore, having come down to Rs 88,000 crore at the end of January 2023. Last year, the corporation had earned a massive income through development premiums, increasing its FD amount by a whopping 18 per cent.

BMC’s FDs have always enjoyed the spotlight, making it the richest civic corporation in the country. However, in the absence of a sustained income source and amid big-ticket projects like the Coastal Road and road concretisation, the FDs have shrunk massively.