‘No violation of rules in Tirumala Tirupati Devasthanams bank deposits’

TIRUPATI: TTD Executive Officer Anil Kumar Singhal ruled out any violation of rules in making deposits of Tirumala Tirupati Devasthanams funds in banks. In the wake of allegations made by a section of media over TTD funds deposited in banks, the EO convened a press conference at the TTD Administrative Building in Tirupati on Monday evening and clarified on the issue saying that no violation took place and the entire process was carried out in a transparent manner and there was no loss of interest.
 

Elaborating on the procedure followed by the TTD in depositing funds in banks, the EO said Vijaya Bank quoted 7.27 per cent interest rate in the first instance and again in the sealed quotation it maintained the same rate. Andhra Bank quoted 7 per cent interest rate initially and increased it to 7.32 per cent later.  In the circumstances, the deposits of `3,000 crore were made in the bank, which quoted the highest rate of interest and the entire process was done in a transparent manner.

Elaborating further, the EO said in the backdrop of drastic interest reduction in PSUs, the investment committee experts had advised the TTD to invest in government approved (Vide GO Ms No 124) selective private banks. The selection was made by the Investment Committee on the basis of the financial health of the bank. The committee also suggested that the investment should not exceed more than 10 per cent of the total investment portfolio in each private sector bank. In this regard, IndusInd Bank quoted the highest rate of 7.66 per cent for callable deposits and an amount of `1,000 crore was invested with it.  “The total procedure followed is transparent and there is absolutely no violation of rules and regulations. The government order was followed in the reinvestments made,” the EO asserted.FACAO O Balaji was present.