In Stroke of Luck, Tirumala Temple Board Recently Withdrew Rs 1,300 Crore from Crisis-hit Yes Bank

Agency

Hyderabad: A wise decision made by Tirumala Tirupati Devastanam (TTD) could have protected crores of rupees of Venkateswara Swamy. A few months ago, the TTD had withdrawn deposits worth Rs 1,300 crore from Yes Bank. On Thursday night, the Reserve Bank of India (RBI) imposed a moratorium on the troubled bank, capping withdrawals at Rs 50,000 till April 3.

Immediately after taking charge as TTD chief, YV Subba Reddy asked temple officials to withdraw the amount from Yes Bank. The TTD funds had been deposited in four private banks, including Yes Bank, when N Chandrabau Naidu-led Telugu Desam Party (TDP) was in power.

Reddy analysed the financial position of the private banks and instructed officials to withdraw from Yes Bank. Despite pressure against withdrawing the deposits, Reddy brought the issue to the notice of Chief Minister YS Jagan Mohan Reddy and went ahead with the withdrawals.