To earn money, east corp to rent out space for ATMs

To spruce up its empty coffers, the East Delhi Municipal Corporation (EDMC) has decided to rent out portions of its properties to banks for setting up ATM machines. HT reports.

To spruce up its empty coffers, the East Delhi Municipal Corporation (EDMC) has decided to rent out portions of its properties to banks for setting up ATM machines.

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In a resolution passed in the Standing Committee meeting on Thursday, the corporation said it urgently needed to augment its resources for smooth functioning as well as for undertaking development work.

"For this, new and innovative sources of revenue must be explored. The EDMC has a number of buildings and premises which are strategically located in residential, institutional or commercial areas. Many of these premises are suitable for installation of ATM machines by various recognised banks and other agencies recognised by RBI," the resolution said.

Officials said banks would be selected through an open and transparent bidding process.

“We will be looking at national banks and will give space on the basis of bidding,” said Mahek Singh, chairman, Standing Committee.