The CAG today said that the Food Corporation of India, FCI would have saved over 35 thousand 700 crore rupees interest burden during 2011 to 2016 if the government released food subsidy on time. <br/><br/>In its report tabled in Parliament today, the CAG said, only 67 per cent of subsidy claimed was released by the Centre over the last five years because of which FCI had to borrow from other costlier means of finance resulting in heavy interest burden. <br/><br/>The federal auditor has suggested that full allocation be made to the agency. It has also suggested the FCI to approach a consortium through the Food Ministry for allowing it to utilise short-term loan before exhausting the cash credit limit. <br/><br/>In the report, the CAG said the FCI had to resort to costlier source of financing due to restrictions imposed by consortium of banks for utilising short term loans and lack of permission by the government to raise bonds. <br/><br/>The CAG also noted that the risk management policy of FCI also did not sufficiently address the complex financial needs of the corporation.