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Banks to bid in auction to get Smart city funds as deposits

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The Smart City project in Belagavi is earning more than it is spending; yes this true. The Belagavi Smart city ltd had received about 380 crores as funds but it has hardly used even 15% of the funds and hence it has earned more than 25 crores as interest on it from the current deposit at the Union Bank of India.

On Monday as many as 7 banks will participate in an e-auction and bid above 7% to get the same funds for their bank as a deposit.

It would be interesting to see how much more the banks will offer.

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