Canara Bank has come to the rescue of the Kerala State Road Transport Corporation (KSRTC) to pay the salary and wages of employees and empanelled staff.
A meeting chaired by Transport Minister A.K. Saseendran here on Thursday decided to take a Rs.100-crore loan from Canara Bank.
The loan will be procured through the Kerala Transport Development Finance Corporation (KTDFC) and the board of the KTDFC will meet this week to facilitate the loan.
Official sources said the aim was to give the salary and wages to the employees and pension by Monday.
The salary will be disbursed in two instalments in view of the curbs on withdrawing cash from banks and ATMs, which will give a breather to the KSRTC to manage the remaining funds.
The KSRTC needs Rs. 70 crore for the salary of the employees and Rs. 30 crore will not be enough to pay the pensioners and the empanelled staff.
The meeting also decided to seek the opinion of the Law Department on the move by the CITU-affiliated KSRTEA union of the KSRTC to collect money and purchase bus for the utility under the ongoing Save KSRTC campaign.
