The Congress party has reportedly asked all its MPs to donate a month's salary to help the party tide over its 'severe fund crunch' since last year's general election. 

The party, which led the UPA coalition at the Centre for ten years, has now also sought donations from its former MPs, asking them to deposit Rs 1 lakh each, according to Hindustan Times

Party members revealed that the Congress lost the backing of big corporate houses during the Lok Sabha elections. 

"Many big business houses sensed our defeat in advance and switched to the BJP," a party member told HT.

Party treasurer Motilal Vora has now sent out letters asking for donations to its current MPs in the Loka Sabha and Rajya Sabha, while the Delhi Congress has urged former members of parliament to donate Rs 1 lakh each. 

The party has sought the financial contributions by the first week of October, the report said. 

The move comes after the party had asked its members to contribute Rs 250 to the party fund every year.

The Congress suffered a massive defeat in the May elections last year, with the 'Modi wave' bringing the Bharatiya Janata Party (BJP) to power.

India's grand old party also lost several subsequent state elections and is now facing what is said to be its worst-ever financial crisis.