The Brihanmumbai Municipal Corporation’s (BMC) fixed deposits (FDs) dropped by approximately Rs 3300 crore this fiscal year. According to a reply to a Right to Information (RTI) application filed by the Advocate Godfrey Pimenta, in the fiscal year 2023-2024, the civic body’s fixed deposits declined from Rs 82737.15 crore to Rs 79498.59 crore, a difference of Rs 3238.56 crore. This drop is not a one-off event, as the civic body’s FDs dropped by Rs 4000 crore in the fiscal year 2022-2023. 

The BMC, the richest civic body in India, earns its income in the form of compensations in lieu of octroi (financial compensation provided by the central government to state governments and municipal corporations for the loss of revenue they incurred when octroi was abolished and integrated into the Goods and Services Tax regime), property taxes, interest on investments, etc.