State govt to take loan of Rs 3,000 cr by selling security stock

Kolkata: The state government will be taking a loan of Rs 3,000 crore, by selling out securities of 15 year tenure.

The amount will be utilised to carry out various development projects in the state and consent of the Centre in this regard has already been obtained.

The state government has notified the sale of West Bengal Government Stock (securities) on March 5. The auction will be conducted by the Reserve Bank of India (RBI) on March 9 and results will be announced on RBI's website on the same day.

The tenure of the stock will commence from March 11 and the loan will be repaid at par on March 11 in 2035.

This comes at the time when the Mamata Banerjee government has almost repaid the entire Rs 2 lakh crore along with interest that the erstwhile Left Front government had taken as loan through bond issue till 2010.

Trinamool Congress had to pay a total amount of nearly Rs 3.5 lakh crore, including Rs 1.5 crore as interest.