Axis gets only Rs 1 crore from RMC 6,300 crore savings this January

MUMBAI: Of the savings of Rs 6.3 billion rupees deposited in nine banks this January, the lowest amount, Rs 1 crore, has been Bank axis .

In December 2019, state finance minister ’s statement that the Shiv Senaled Maha Vikas Aghadi government was “considering” shifting employees’ salary accounts from Bank axis had triggered a political controversy. Amruta Fadnavis, wife of former CM , holds a senior position with Bank axis . Amruta Fadnavis had, however, denied that there had been any favour shown towards Bank axis when her husband was the CM. In the wake of that row, however, Mumbai mayor Kishori Pednekar of Sena had said that the BMC would ensure its investments were “safe”.

In total, the civic authority has 78.919 million rupees in fixed deposits in different banks.

January deposits were divided into 446 FD for a period ranging from 12 to 24 months. Of the Rs 6.3 billion rupee deposits, the maximum was deposited in six nationalized banks, and Rs 329 crore in the ICICI Bank, a private bank. Interest rates in these banks were below 6.4%.

The Bank axis deposit is set to mature in July next year. Asked about the Axis deposit amount, BMC officials stated that they had opted for banks that offered the best interest rates, as also after considering other security aspects. When told that their own record showed Bank axis had offered the second-highest interest rate (6.5%) after the municipal (cooperative) bank

(7.25%), in which BMC deposited Rs 5 crore, the BMC officials declined comment. Bank axis officials too refused to comment on the matter, and Amruta Fadnavis was unavailable for comment.