Unable to pay salaries, Karnataka's transport corporation pledges bus terminal for Rs 160 crore

It seems bus transport corporations in Karnataka are caught in neck deep debts.

A startling revelation has come through an RTI after an applicant sought details about the loans and interest the Bengaluru Metropolitan Transport Corporation has taken and is paying.

As per reports, the Bengaluru Metropolitan Transport Corporation has taken Rs 160 crore from Canara Bank after pledging it's Shanthinagar Bus terminal and is paying  Rs 1.04 crore as interest per month.

The BMTC has a fleet of over 6,000 buses including special buses to Kempegowda International Airport.

During the pandemic, the BMTC stopped its operation and after unlocking the lockdown, only 50% buses were playing.

The property was pledged to prevent losses and pay salaries to employees.