MD, APSRTC, Vijayawada, has stated that APSRTC has been operating fleet of 11920 Buses at present. Of these, 3677 Buses have crossed their economical life of (10) ten lakh kilometers and require immediate replacement. The approximate cost of replacement of these buses is about Rs.1,000 Cr.
Further, there is a need for augmentation of the bus fleet as there is huge demand from the traveling public and need to replace the buses that have completed their economical life expeditiously.
Since, the APSRTC is not in a position to meet the procurement cost of new buses out of their own resources, it is imperative to have recourse to loan from Banks. In view of the distressed financial position of the Corporation, the Banks are not coming forward to sanction fresh loans without Government Guarantee.
Therefore, the VC & MD, APSRTC, Vijayawada has requested for Government Guarantee to Andhra Pradesh State Road Transport Corporation (APSRTC) for availing term loan of Rs.1000.00 Crores from the Bank of India, which offers a lower interest rate at 8.95% per anum, and permit the corporation to avail term loan of Rs. 1000.00 Cr from Bank of India.
Government after examination of the matter, hereby accorded Government Guarantee to Andhra Pradesh State Road Transport Corporation (APSRTC) for availing term loan of Rs.1000.00 Cr (Rupees One Thousand Crore only) from the Scheduled Commercial Banks for procurement of new buses in APSRTC to replace the buses that have completed their economic life, with the following conditions:
- The repayment of Loan (both Principal and Interest) shall be done by APSRTCÂ Â Â Â Â Â Â from its internal resources.
- Payment of a one-time commission of 2% of the loan amount.
- The APSRTC shall obtain Loans at a competitive rate of interest, preferably at monthly /quarterly/annual MCLR of various banks.
- This orders issues with the concurrence of the Finance (FMU-TRB) vide their U.O.No. Fin-01- BUGTOBL(IL)/5/2019-CDM(C.No.962001) Dt. 10.10.2019.
- The Vice Chairman & Managing Director, APSRTC, Vijayawada shall take necessary action accordingly.
Government Guarantee to Andhra Pradesh State Road Transport Corporation (APSRTC) for availing term loan of Rs. 1000.00 Crore from the scheduled Commercial Banks for procurement of new buses in APSRTC to replace the buses that have completed their economical life Orders
Methodology for creation of Public Transport Department (PTD) in Government of Andhra Pradesh to facilitate merger of establishment of Andhra Pradesh State Road Transport Corporation (APSRTC) employees into Government of Andhra Pradesh.
Matching the existing cadres of all employees (including contract) of Andhra Pradesh State Road Transport Corporation (APSRTC) into equivalent cadres and pay scales of Government of Andhra Pradesh employees. Procedure for taking over the establishment of Andhra Pradesh State Road Transport Corporation (APSRTC) employees by APCFMS to make payment of wages every month through Government.Â
Methodology to utilize the employees of PTD in APSRTC including deputation to other epartments/ Corporations/ Undertakings of Government of Andhra Pradesh.Â
Need to revise/continue the existing Rules, Regulations, Service conditions etc., applicable to the employees after merger of APSRTC Establishment with Government of Andhra Pradesh.
Need to revise the existing Classification, Control and Appeal (CCA) and Conduct Regulations applicable to the employees, to the extent required, since APSRTC was formed under RTC Act, 1950 and will continue to function in the existing form following its established business rules/procedures, even after the merger of its establishment with Government of Andhra Pradesh.
Need to revise existing Pension policy, benefits on retirement on superannuation/voluntary and on other grounds, Schemes &Trusts, Cooperative Credit Society, medical facilities, welfare schemes etc., related to in-service employees to the extent required, after merger of Andhra Pradesh State Road Transport Corporation (APSRTC) establishment with Government of Andhra Pradesh.
Need to revise the existing pension policy, medical facilities and other welfare schemes provided by Andhra Pradesh State Road Transport Corporation (APSRTC) to the retired employees.
Restructuring APSRTC Board with the revised list of members and approval of the Board to merge Establishment of APSRTC with Government of Andhra Pradesh.
Any other legal, financial and administrative implications, issues emerging out of merger of establishment of APSRTC with Government of Andhra Pradesh.
The Committee shall complete the process and to submit their report to Government on or before 30th November, 2019.
Merger of APSRTC Establishment with the Government of Andhra Pradesh as recommended by the Expert Committee at para 8 of the report – Constitution of Committee to examine the modalities and submit the report to Government
