Vijayawada, February 31, (way2newstv.in):
Despite the decline in the financial crisis of the decades, the APS RTC has been gradually declining despite losses.
After the division of the RTC, with the loss of nearly Rs 4,000 crore in net losses, Nanduri Sambasiva Rao, then M Mallakondayya, took over as the MD and took many reforms. A total of 128 deposits between April and December of the 2016-17 financial year, the loss of Rs 663 crore in two bus stands and the loss during the period 2017-18 was Rs. 360 crores. Losses in Malakkonda 300 crore. Bus services have been shortened by non-congested routes. At the same time, the services of private vehicles in the crowded areas were increased.
Commercial transactions and cargo services have been increased in high depots. They have made stealth checks with the EDs for monitoring. Whether the buses return to the RTC's lenders and do not turn up, the state bank has a daily rate of Rs. 2 crores to pay.
While Malakonda was consulted with Punjab National Bank, he was offered some 8 rupees with a loan of 8 percent. In the last nine months, loss of 111 Deposits is only 15 depots and two bus stations of Rs. 51 crores profit.
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