Mumbai: BMC Holds ₹79,873 Crore In Fixed Deposits As Opposition Questions ₹13,775 Crore Withdrawals

On October 21, 2026, the Mumbai Brihanmumbai Municipal Corporation (BMC) Standing Committee witnessed a heated debate as the ruling party and the opposition disagreed over the withdrawal of substantial funds from the civic body’s fixed deposits (FDs). The controversy flared following the release of the BMC's quarterly report on FDs up to March 2026.

Chairman Prabhakar Shinde disclosed that the BMC possesses Rs 79,873 crore in FDs held across various banks. However, the controversy intensified when Congress group leader Ashraf Azmi denounced the report as "incomplete and misleading." He demanded a thorough account of the Rs 13,775 crore withdrawn between 2021 and March 2026, during the incumbent administrator's tenure.

Azmi questioned the priorities behind the use of civic funds, highlighting the struggle of corporators to secure money for essential works like toilets while thousands of crores were being withdrawn from fixed deposits. He expressed concern that continued withdrawals could gradually deplete the BMC's reserves, questioning where the money for Mumbai's development would come from in the next five years.

The opposition called for a white paper detailing the expenditure of the Rs 13,775 crore and demanded a transparent account of the withdrawals made since the administrator assumed office. They urged the mayor to convene a special meeting to scrutinize the utilization of the funds in detail. In response, ruling party leader Ganesh Khankar conceded that the administration should regularly submit details of fixed deposits to the Standing Committee, but insisted that the withdrawn money was exclusively used for development works and pledged there would be no misuse under the current administration.

Shinde instructed officials to present a comprehensive account of the BMC’s fixed deposits at the next committee meeting, emphasizing that the report would not be approved without a thorough presentation.