Govt. to raise another ₹1,500 crore from RBI
The Hindu
This takes total borrowing in current third quarter to ₹6,000 crore
The State government has decided to raise open market borrowings of ₹1,500 crore from the Reserve Bank of India, taking the total borrowing in the current third quarter to ₹6,000 crore against the targeted ₹6,295 crore.
The amount would be raised through auction of State government securities being conducted on Tuesday. The auction would be conducted on the RBI’s core banking solution e-Kuber system. Government stock up to 10% of the notified amount of sale of each stock would be allotted to eligible individuals and institutions, subject to a maximum limit of one per cent of the notified amount for single bid per stock as per the scheme for non-competitive bidding facility, the RBI said.
The State government has already raised ₹4,500 crore in three tranches during the current quarter – ₹1,500 crore on October 5, ₹2,000 crore on November 1 and ₹1,000 crore on November 16.
In 2011, the Karnataka government announced that five botanical gardens will be developed on the lines of the Lalbagh Botanical Garden in Bengaluru across the State. But according to the latest developments, there will only be four such gardens as the Horticulture Department is most likely to drop the project that was supposed to come up in Chikkaballapura district.