A Rs 200 crore loan proposal of the Nashik Municipal Corporation (NMC) has been cleared by the Maharashtra State Urban Development Department on October 17. Accordingly, the civic administration may raise the amount from any nationalised banks or through bonds for various civic works.
Since November 2012, the proposal was lying with the State Urban Development Department. A senior official from the NMC said that the government has approved the loan proposal. With the loan the municipal corporation is to speed up various developmental works at a time when the NMC is facing a financial crunch.