Funds of TTD invested in scheduled banks, gold melted, put in long term deposits

TIRUPATI: The Tirumala Tirupati Devasthanams (TTD) on Saturday released a white paper listing out all of its investments and deposits. This is the third consecutive year that the quasi-government body has released a white paper. Interestingly, the move this year also comes in the wake of recent speculation that the board would be inclined to invest in the State Government sponsored securities.

In a press release, the TTD made it clear that the surplus funds of the Devastanams were being invested in scheduled banks at H1 rate of interest. The board has also invited quotations from eligible scheduled banks/institutions as per the investment guidelines approved by it. The board said that the private sector banks too could become eligible to send in their quotations only if they were approved by the State government and had the highest credit rating. However, the banks, which are part of the Prompt Corrective Action Process (PCA) of the Reserve Bank of India (RBI), shall not be invited to participate in the quotations, the press release said.

The TTD said that the gold offerings received through 'Srivari Hundi' were being sent to the Indian Government Mint for melting, refining and for investment under the gold monetization scheme in long-term gold deposits of 12 years. The 'donations collected by banks' are also invested with the same banks as per their existing rate of interest. Similarly, whichever bank is collecting coins in 'Parakamani', those collections were being invested in the same banks, as per their existing rate of interest.

In a major announcement, the TTD board has, however, resolved not to invest in Central Government or State Government Securities, therefore, no investments are being made in either central or state securities, it clarified.