VTU is bankrupted!
Howdy VTU SOULS!
Well, It’s been a while since we posted here, due exams and busy schedule. Hope all of you is preparing well. Okay After a lot of rumors and speculations finally we have decided to write about this recent news that ‘VTU is bankrupted.’
We have been getting a lot of queries from students about VTU’s bankruptcy from past few week; questions started hammering us every minute. The only query which they had in their mind was, IS VTU GOING TO SHUT DOWN? Is VTU bankrupted? Media said VTU is closing, is that true?
Well well well, we will answer you, hold on for a second. Take a deep breath, because we have some important news for you guys today.
Take a look at how VTU lost all its funds and major scams of this year.
Before diving in to the topic, let’s have a look at VTU’S current scenario, The Vishvasvaraya Technological university of Belgaum indeed was one of the richest university in karnataka until few days before, but now has run out of money entirely, and it is not in a situation to pay for it’s staff! Just a few months before VTU had bundled whopping 600 crores (We are looking at those revaluation fees!) cash at bank from it’s rich potencial sources, now dwelled to only 80lakhs!
To sustain as a running authority, and to pay salaries and other expenses VTU has took a over draft of Rs 10 crore from State Bank of India recently. VTU is bankrupted and it is real, Now it needs around 120 crores to complete the buildings, 4.9 crore every month to pay salaries for it’s staff. But with only 10 crores in it’s hand it can barely manage 2 to 3 months and it is impossible to run the university and you hear a news that VTU IS CLOSING ANYTIME SOON!
Now, acting as vice chancellor of VTU Dr. Sridhar admitted VTU is in big economical crisis, and he said
We have requested the state government for assistance, Unless they give us grants, it will be difficult for us to run the university after 2 or 3 months.
According to our speculation, it might take around at least 2 to 3 years to make things right at varsity, and also employees working in VTU said to media that their salaries of a may month had been delayed by 10 days.
Also, read How failed students got passed by paying money and influence.
And the most important thing is, now VTU is looking for a potencial source of income to come out of its financial crisis. Ofcourse it would be students who are studying at university. So get ready for a 25% hike in affiliation fees and 50% hike in exam fees!
And also few VTU authorities felt that online question paper delivery system and digital evaluation system introduced by the previous vice chancellor Dr. H.Maheshappa has become the burden and the schemes might be revised.
So get ready for some hike in overall fees and some changes which might make university more stable financially. And finally, no VTU is not closing unless government refuses provides suffiecient funds, so now all eyes on State government. If it refuses to provide financial assistance then surely VTU will run out of money gradually and no one can help but watch that the vtu is closing it’s stretched wings in to technical education.
stay tuned for more updates, until then good bye!