Andhra Pradesh

TTD clarifies on row over FDs

The Tirumala Tirupati Devasthanams (TTD) on Saturday clarified that in view of the dip in the interest rates on fixed deposits (FDs) in the banking sector, the TTD Trust Board studied the possibility of investing in the securities of the Central government and the governments of Andhra Pradesh and other States, considering it as optional.

A TTD press release said there was a no secret agenda. A decision to this effect was taken in a transparent manner in the TTD board.

Investing in the Central and State government securities was not new as its was in tune with Section 30 of 113 (3) of the Endowments Act, 1987, TTD Rule 80 of G.O. 311 (dated 09-04-1990). The release said that so far the TTD had not made any investments.

The board had deemed it fit not to consider the option of investing in the securities, but to continue with the fixed deposits in banks with a projection of possible hike in the interest rates, the release added.

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Printable version | Oct 31, 2020 11:55:29 PM |

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