KSRTC: Full salary and bonus before Onam

THIRUVANANTHAPURAM: Rs 100 crore will be made available from Kerala Bank for single payment of salaries to KSRTC employees before Onam. 72 crores are required for salary. An agreement has been reached to give bonus with the help of the government. Kerala Kaumudi had reported that the August salary will be distributed in a single payment in September.

The amount will be availed through overdraft from Kerala Bank. Repayment will be made on receipt of monthly government funding. The amount in addition to the 50 crore provided by the government will be found from the income. The management will discuss the bonus details with the labour unions.

Kerala Bank was approached due to delay in additional loan from the bank consortium. KSRTC had borrowed Rs 3100 crore from the SBI-led consortium in 2018. Another 450 crore was requested considering the repayment so far, but it was not considered.

It has been decided to avoid disbursement of salary through SBI accounts.

Kerala Bank in Consortium

KTDFC is also in the bank consortium. 2150 crores were received from the banks when the consortium was formed in 2018. 950 crore was retained as KTDFC's loan allocation. In July, the government settled the defaulted KTDFC's liability by paying Rs 650 crore under a one-time settlement scheme. There is a plan to exclude KTDFC from the consortium and replace it with Kerala Bank in this scenario.