MMRDA secures Rs. 1,500 cr loan from BoM for slum redevelopment project

Current Context: On May 20, 2025, the Mumbai Metropolitan Region Development Authority (MMRDA) secured a ₹1,500 crore loan from the Bank of Maharashtra (BoM) for its first-ever slum redevelopment project in Ghatkopar, Mumbai.

Key Highlights

• Project Scope: Part of the ₹8,498 crore Slum Rehabilitation Authority (SRA) project, redeveloping Ramabai Ambedkar Nagar & Kamraj Nagar.
• Funding Strategy: 46% funding through institutional loans, 39% via internal revenue mechanisms, ensuring fiscal discipline.
• Phase 1 Implementation: Will provide 8,500 housing units, with 14,500 families identified for resettlement.
• Government Endorsement: CM Devendra Fadnavis & Deputy CM Eknath Shinde emphasized inclusive urban renewal.

This project aims to transform Mumbai’s oldest slum clusters into dignified residential zones.

Question:

Q.1 Which financial institution has extended a ₹1,500 crore loan to the MMRDA for its first slum redevelopment project?
a) State Bank of India
b) Bank of Maharashtra
c) Reserve Bank of India
d) Punjab National Bank

Answer: b) On May 20, 2025, MMRDA secured a ₹1,500 crore loan from the Bank of Maharashtra to support its first-ever slum redevelopment project in Ghatkopar, Mumbai.