Within 15 days of presenting the Railway Budget 2015-2016 the Minister of Railways Suresh Prabhu has fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs 1.5 lakh crore for Railways.
MOU was signed between state run Life Insurance Corporation (LIC) and ministry of railways in the presence of the Minister of Finance Shri Arun Jaitley and the Minister of Railways Shri Suresh Prabhakar Prabhu on 11th march 2015.
As per the understanding between both the parties, Life Insurance Corporation (LIC) will make available Rs 1.5 lakh Crores to the Ministry of Railways or its entities a Financial Assistance over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16.
There would be a five-year moratorium on interest and loan repayment and the rest of the terms would be negotiated while signing the finance assistance agreement.
Earlier, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled commitment of his budget 2015-2016 announcement by launching a ‘Customer Complaint Web Portal and Mobile Application’ to raise passenger complain and to track the status of the complaints which he or she has registered.
Speaking on the occasion, the Railway Minister, Suresh Prabhu, said that this is the first such step in its endeavour to make Indian Railways prosperous in the future. He said that with such encouraging initiatives, the Ministry of Railways will be able to augment its resources for speedier execution of projects. Shri Suresh Prabhu said that the resultant enhanced throughput of traffic is likely to further increase the capacity to carry more to meet with a growing transportation demand leading to a robust economy. He thanked the officials of the Finance Ministry, LIC and the Railway Ministry for working together as a team to make this deal a big success.