CCS to settle RTC staff applications
The CCS, which was formed by the employees and workers of the RTC, is used by the members to save some money from their salaries every month as a corpus fund for future use.
Hyderabad: Telangana State Road Transport Corporation’s (TSRTC) Credit Cooperative Society (CCS) has decided to settle applications and start payments to RTC employees who have applied for withdrawal of their savings. The process in this regard is expected to start soon.
The CCS, which was formed by the employees and workers of the RTC, is used by the members to save some money from their salaries every month as a corpus fund for future use.
Employees can also take loans at low interest from the Society as and when needed. In case of cancellation of membership or retirement, their money will be refunded with interest.
However, this money was used by the RTC management due to financial constraints in the past. Following this, since October 2020, applications from the members were pending resulting in financial difficulties to the workers.
The Society which once had 51,000 members now has the numbers dwindling to 30,000. Sources in the CCS say that the RTC management should give them Rs 1,130 crore including principal and interest.
After continued persuasion and requests from the CCS, the management recently responded positively and paid Rs 150 crore for now and assured to settle the remaining money at the earliest.
It is learnt that as many as 10,600 applications from workers were pending with the CCS and nearly 6,800 applications are for personal loans.
Apart from this, 2,800 applications from current employees and 1,000 from those who have retired, were pending with the CCS as their primary membership was cancelled.
It is learnt that the CCS would require Rs 200 crore to clear loan applications while payment to employees who either retired or cancelled their membership would require nearly Rs 100 crore. CCS is planning to borrow an additional Rs 150 crore as loan from banks.
