HYDERABAD: Non-clearance of employee loans by RTC Employees Thrift & Credit Cooperative Society (CCS) remains a major factor causing discontent amongst the Telangana State Road Transport Corporation (TSRTC) staff. Thousands of applications have remained pending for the past two years.
In a reflection of how grim the situation is, the CCS itself owes Rs 120 cr to banks. As per the data available till the month of June, 11,439 applications for loans, totally worth Rs 261.65 crore, are pending with the CCS.
These include 6,752 applications (Rs 170 crore) of short term loans, 4,672 applications (Rs 90.25 crore) of educational loans and 15 applications (Rs 1.4 crore) of long term loans. The CCS has a total of 44,850 shareholders, and almost all of them are employees. About 11,527 employees have applied for CMS (Cease Membership), which totals to Rs 250 crore. Payments through fixed deposits, RMSS (Retired Members Security Scheme) and other schemes worth Rs 80.75 crore is also pending.
Speaking to Express, RTC JAC vice president K Hanumanthu said the Corporation, which recovered amounts to the tune of Rs 934 crore, with Rs 172 crore interest, from employees, should be paid back. The newly formed RTC JAC has made it a point that under the current circumstances, the Corporation would be further pushed into chaos if the Chief Minister did not come to its rescue. “This is the hard-earned money of employees which should be returned. People had to borrow from outside at a high rate of interest, despite the RTC having this provision,” he said.