Andhra Pradesh Finance Minister Y Rama Krishnudu today rejected a proposal of the state transport corporation to hike bus fares to tide over the losses facing the corporation.
Krishnudu and the state Transport Minister S Raghava Rao today held a review meeting with the top management of the Andhra Pradesh State Road Transport Corporation (APSRTC), in which the corporation's Managing Director N Samba Siva Rao proposed a fare hike in a bid to meet the financial burden on the corporation, a press release said.
"The government would not allow to put burden on passengers and the (APSRTC) management has to go for other options," the Finance Minister said.
He further declared to reimburse Rs 100 crore in lieu of the concessions provided to various sections of the passengers and said that the state government would stand as a guarantor to get Rs 200 crore loan for the APSRTC, according to the release.
He advised the APSRTC management to explore other options to fetch another Rs 300 crore for the corporation.
