Special Committee on the Transfer of TTD Deposits in Private Banks

By The Capital

On 24 Nov 2024 14:54:36

Special Committee on the Transfer of TTD Deposits in Private Banks

The Tirumala Tirupati Devasthanams (TTD) has established a special committee to withdraw cash deposits held in various private banks

The Tirumala Tirupati Devasthanams (TTD) has established a special committee to withdraw cash deposits held in various private banks and transfer them to government banks. While government orders allow for deposits in certain private banks, TTD believes that relying on government banks will enhance security.

Recently, the TTD Board of Trustees decided to withdraw funds from private banks and concentrate on government banking options. As of November 2022, TTD holds deposits totaling approximately Rs. 15,938 crore across 19 banks, which includes both government and private institutions. Many of these deposits are nearing maturity.

In this process, TTD intends to transfer the cash into national banks. Further decisions regarding TTD deposits will be based on the committee's report.