Karnataka Cabinet Approves Fund Transfer Guidelines
The Karnataka Cabinet has approved new guidelines to enable surplus fund transfers between profit-making and financially constrained government corporations, reducing reliance on high-interest loans. For example, funds from the Karnataka State Beverages Corporation Ltd. can support the Karnataka State Road Transport Corporation. Approval by the state cabinet is required for such transfers. The government also introduced the Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Bill, 2024, aimed at strengthening depositor protections. These measures are expected to improve financial efficiency, resource allocation, and public services, fostering a more collaborative approach to governance.
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