Karnataka's 92 crore Cauvery Aarti stalls as finance department flags fund crunch
The Congress-led Karnataka government's plan to hold a grand 'Cauvery Aarti' near the Krishna Raja Sagar (KRS) reservoir in Mandya district, modelled on the iconic Ganga Aarti has hit a funding roadblock.The Water Resources Department has drawn up a proposal to build basic infrastructure for the ritual and pegged the cost at Rs 92.30 crore. The ambitious project is to be executed by the Cauvery Neeravari Nigam Limited (CNNL), under the capital account head from the grants provided.advertisementHowever, the Finance Department flagged that the Rs 92 crore proposed in the draft Cabinet note exceeds the amount approved by the Board of Directors. 'In this context, approval for new works is not permissible," the department has said, advising that the matter be placed before the Cabinet for a final call.
As per a note from the Finance Department dated April 22, 2025, accessed exclusively by India Today, the required funds are currently not available. The note highlights CNNL's existing liability of Rs 9,357 crore, with only Rs 1,670 crore allocated this year — leaving an outstanding liability of Rs 7,687 crore for the next year. On top of that, Rs 2,254 crore worth of bills remain unpaid.Zooming out, the Water Resources Department as a whole is staring at a massive liability of Rs 99,899 crore. Even after fully using this year's grant, dues of Rs 87,886 crore will carry over to next year. In addition, Rs 17,092 crore worth of bills remain pending.advertisementIn response, the administrative department has maintained that it is essential to undertake this project to provide necessary infrastructure for Cauvery Aarti in Srirangapatna and has decided to move the proposal to the Cabinet for approval.
IN THIS STORY#Karnataka
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
27 minutes ago
- Economic Times
Slice SFB aiming to close FY26 in the black; not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
United News of India
33 minutes ago
- United News of India
Jammu ED attaches immovable properties worth crores in PDA case
Jammu, June 29 (UNI) The Enforcement Directorate Jammu has attached the immovable properties worth crores in the case of Patnitop Development Authority (PDA) under the PMLA, 2002. "Enforcement Directorate, Jammu has provisionally attached several immovable properties worth Rs. 15.78 Crore (approx.) on 27.06.2025 in the case of Patnitop Development Authority (PDA) under the PMLA, 2002," Enforcement Directorate posted on X. It further posted, "The provisionally attached properties comprises land, building and Income generated from running of Hotel Pine Heritage, Hotel Dream Land and Hotel Shahi Santoor, all located in Patnitop." UNI VBH GNK 1657
The Wire
33 minutes ago
- The Wire
EC Asks Bihar Voters To Prove Self, Parents' Citizenship: Voter Rolls Revision or Backdoor For NRC?
Ahead of the 2025 Bihar assembly elections, the Election Commission of India (EC) has initiated a Special Intensive Revision of electoral rolls, requiring voters to prove their citizenship and, for those born after July 1, 1987, their parents' date and place of birth. This move, within a tight two-month window, has raised fears of potential disenfranchisement, with critics like Congress and AIMIM alleging it resembles a "backdoor" National Register of Citizens (NRC). The ECI claims the revision ensures only genuine voters are enrolled, but concerns persist about exclusion, especially among marginalised communities The RSS has reignited controversy by calling for a review of the terms "socialist" and "secular" in the Constitution's Preamble, claiming they were added during the Emergency and never reconsidered. Congress has accused the BJP-RSS combine of a deliberate attack on the Constitution's core values, labelling it a conspiracy to undermine its secular and socialist foundations. Watch the full video.
