As part of its efforts in converting ‘dead assets' into income earning sources, the TTD management on Sunday deposited 1,075 kg. of gold with the State Bank of India (SBI).
The TTD has over 3,000 kg. of gold from the temple hundi in the form of offerings from the devotees. With a wish to convert this ‘idle' gold into a perennial source of income coupled with security reasons, the TTD management during its last board of trustees meeting resolved to deposit it with the SBI and in the process also entered into a Memorandum of Understanding (MOU) according to which the SBI will pay an interest of Rs.1.6 per cent to the temple management besides incurring the transportation expenses. At a brief function organised at the TTD's Annamayya Bhavan on Sunday, TTD Chairman D.K. Adikesavulu and Executive Officer I.Y.R. Krishna Rao formally handed over the gold deposits to SBI Chairman O.P. Bhatt.
Speaking on the occasion, Mr. Bhatt said that the gold deposit has the required approval from the State Endowments Ministry.
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Dwelling at length regarding the merits of the ‘Gold deposit scheme', he said the bank so far has received over 100 kg. from the six major temples in the State.
The remaining 2,000 kg. of gold also will be deposited with the SBI in a phased manner. Once the deposits are completed, the TTD will be earning an income of over Rs. 8 crore annually.