What happens to Lord Jagannath's money in Yes Bank?

PTI

Nation, In Other News

The RBI has capped withdrawals from Yes Bank at Rs 50,000 for the next one month

Jagannath temple, Puri (Twitter photo)

Bhubaneswar: Devotees of Lord Jagannath and priests at the centuries-old temple in Puri are worried following RBI restrictions on Yes Bank where ₹545 crore is deposited in the deity's name.

The RBI has capped withdrawals from Yes Bank at ₹50,000 for the next one month and imposed strict limits on operations after the cash-starved lender faced “regular outflow of liquidity” following an effort to raise new capital failed.

The RBI restrictions on Yes Bank have caused panic among the devotees, said senior 'Daitapati' (servitor) Binayak Dasmohaopatra.

Jagannath Sena convenor Priyadarshi Patnaik  said that it is illegal as well as unethical to deposit the lord's funds in a private bank, Shree Jagannath Temple Administration (SJTA) and the Temple's Managing Committee should be held responsible for the uncertainty.

He said a complaint was filed at a police station in Puri demanding probe over depositing the money in a private bank, but no action was taken.

Former law minister and ex-Puri MLA Maheswar Mohanty said it was not proper to keep the money with a private bank for more interest.

The law minister last month told the assembly that of the lord's total ₹626.44 crore, ₹592 crore was kept in Yes Bank, while ₹545 crore was in the bank as fixed deposits, the remaining ₹47crore was in a flexi account.

Congress MLA Suresh Routray sought a clarification from the state government as to why it allowed the SJTA to deposit the lord's money in a private bank.

“Nobody including the government and the SJTA has rights to meddle with the lord's funds,” said BJP leader Bhrugu Buxipatra.

The BJP said the state government must take immediate steps to recover the money.

Read more...