Consortium of 7 banks to fund ‘Mission Bhagiratha’ project

Hyderabad, Aug 17 (PTI) The Telangana Government todaysaid a consortium of lenders led by Andhra Bank came forwardto fund its Rs 6,750 crore ‘Mission Bhagiratha’ project forproviding drinking water across the state. The seven banks consortium agreed to finance theproject after due verification of projects reports, tenderingprocess and payment methods, an official statement said. The Board of Directors of Andhra Bank has alreadyagreed to finance Rs 1,300 crore for the project and paymentswill be made soon, it said. "The remaining banks will soon approve the proposal intheir respective board meetings. Repayment will start afterthree years (2019) with maximum loan period of 12 years. Therate of interest will be lesser than that of other governmentlenders such as Hudco and Nabard," the release added. According to it, the total loan amount will be spenton the works in some of the areas in Karimnagar and Warangaldistricts. PTI GDK NRB UZMBAS