Accordingly Tirumala Tirupati Devasthanams (TTD) Trust Board which manages India's richest temple has a narrow escape from the ongoing Yes bank crisis. As bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india imposed Moratorium on Yes bank limiting its depositors from withdrawing the deposits above Rs 50,000/- per month. Interestingly, ttd has a close escape as its ttd Chairman yv subba reddy acted on time and rescued the ttd from the Yes bank crisis. According to reports, yv subba reddy had reviewed the deposits of ttd in private banks and decided to withdraw its deposits from Yes bank after knowing that the bank's position is not sound.
Out of total Rs 10,000 Crore deposits of ttd last year, about Rs 4,650 Crore deposits were with the private banks. ttd has deposits over Rs 1300 Crore each in IndusInd bank and south indian bank, Rs 600 Crore in hdfc and another Rs 150 Crore deposits in Federal Bank. It had Rs 1300 Crore with the Yes bank as well taking the total deposits in private banks to Rs 4650 Crore. It was reported that as per the directions of a Financial Sub Committee constituted by TTD's former Chairman Putta sudhakar Yadav, ttd had deposited Rs 1300 Crore in the Yes Bank.
However, the new board chairman yv subba reddy took stock of the situation as soon as he took over the reigns. He has decided to withdrew deposits in the Yes bank in a step-by-step manner. Although, the withdrawal from Yes bank resulted in a loss of interest of upto Rs 150 Crore, Chairman yv subba reddy has decided to withdraw the deposits since bank's position is not said to be safe. Recently, ttd withdrew the balance Rs 600 Crore from the Yes bank and thus, ttd turned out to be safe. Chairman Subba reddy has also decided that ttd would make its deposits based on the Ratings of the Banks.
