Temple funds deposits in banks transparent: TTD

Tirumala Tirupati Devasthanams (TTD) Executive Officer Anil Kumar Singhal on Monday ruled out violation of rules or loss of interest while depositing Lord Venkateswara temple funds of Rs 3,000 crore in banks. The entire process was transparent, he asserted.

Elaborating on the procedure followed while depositing TTD funds in banks, the EO said at a press conference in Tirumala, the Vijaya Bank quoted 7.27% interest in the first instance and again in its sealed quotation. The Andhra Bank quoted 7% initially and improved their rate to 7.32%. "In these circumstances, the deposit of Rs 3,000 crore was made with the bank quoting highest rate of interest, in a transparent way," he said.

Transparency unlimited

Elaborating further, the EO said, in the backdrop of drastic interest reduction by public sector banks, the Investment Committee experts advised TTD to invest in government-approved (Vide GO Ms No 124) select private banks. The selection was made by the Investment Committee on the basis of health of the bank. The Committee also recommended that the investment should not exceed 10% of the total investment portfolio in each private sector bank.

The IndusInd Bank quoted highest rate of 7.66 % for callable deposits and an amount of Rs 1,000 crore was invested with them. "The procedure followed was transparent and there is absolutely no violation of rules and regulations. Government Orders were followed in these reinvestments made in a transparent manner," the EO said.

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