PMC invests Rs800 crore in government securities

For the first time, PMC has invested at least Rs800 crore in government securities for long-term returns

PUNE Due to declining interest rates on fixed deposits, for the first time Pune Municipal Corporation (PMC), has changed its strategy and invested at least Rs800 crore in government securities for the long term.

For the first time, PMC has invested at least Rs800 crore in government securities for long-term returns. (REUTERS (PIC FOR REPRESENTATION))

Municipal commissioner Vikram Kumar said, “We decided to invest in government securities which is a safe option. We have invested almost Rs800 crore in the government securities till date.”

Accounts officer in PMC Ulka Kalaskar said, “As the fixed deposit interest rates has declined, to get maximum returns, PMC has opted for this option. It is completely safe and supported by the central government and Reserve Bank of India.”

She said, “We also have fixed deposits worth Rs1,200 crore.”