HYDERABAD: As part of its tough stand against the State Bank of India (SBI) over the disputed land issue in Raidurg, the state government is considering filing a complaint with the Reserve Bank of India (RBI). It is also examining the option of taking up the matter with the Union Finance Ministry and the Prime Minister’s Office (PMO).
According to sources, the government is compiling details of its accounts, deposits and other financial transactions maintained with the bank. This, the sources said, indicated that the government was exploring the possibility of shifting them to other banks.
Chief Minister A Revanth Reddy is expected to visit Delhi and meet Union Finance Minister Nirmala Sitharaman to discuss the issue.
It may be recalled that the state government is unhappy with SBI for creating a dispute despite being allotted land at a significantly subsidised price. Officials suspect possible political pressure behind the bank’s stance and have begun reviewing the state’s financial relationship with the bank.
The dispute centres on a 5.09-acre plot in Survey No 83/1 at Raidurg Panmaktha in Hyderabad. According to government sources, the land was allotted to SBI in 2010 at `2.50 crore per acre, though its market value at the time was estimated at around `30 crore per acre.
Officials said SBI had agreed to relocation when the land was allotted. The state government is now highlighting this point, arguing that if the bank had accepted an alternative site earlier, it should not object now when the government is offering another parcel of land that is considered even more valuable.
Sources said that, given SBI’s status as a nationalised bank, the state government opted for consultations before proceeding with action to resume possession of the land. It also expressed willingness to provide an alternative parcel of land valued at approximately `600 crore.