Telangana government may close FDs prematurely

HYDERABAD: With the revenues of the State government taking a hard hit owing to the lockdown, the Finance Department is considering premature closure of the fixed deposits in various banks. The money is deposited in banks either by the government departments or the drawing and disbursing officers (DDOs).

Once the fixed deposits are closed prematurely, the money would be transferred to the exchequer to be used to tide over the COVID-19 crisis. According to a circular issued by Principal Finance Secretary K Ramakrishna Rao, all the departments have been asked to furnish the details of the deposits in banks as on March 31, 2020.

They include savings and current accounts and fixed deposits by the departments and their heads concerned, unit officers, corporations, societies, institutions, committees and AMCs.Also, the drawing and disbursing officers (DDOs) of the respective departments too have been asked to furnish the details of the bank accounts. According to sources, the total amount from all the deposits would be around `2,000 crore.