Tirumala Tirupati Devasthanam in Andhra Pradesh quite recently withdrew deposits of Rs 1,300 crore from Yes Bank, which was placed under moratorium Thursday with the withdrawals capped at Rs 50,000 per account for a month. It was in October last year that the TTD Trust Board held a meeting and decided to withdraw and the money and invest it elsewhere.
The Tirumala Tirupati Devasthanam deposited its funds with four banks including Yes Bank, during the previous TDP government's regime. It is reported that TTD Board chairman YV Subba Reddy had foreseen the situation after going through performance reports of certain banks in which TTD has deposits.
After identifying that Yes Bank was facing a severe financial crisis, Subba Reddy directed for the immediate withdrawal of the deposits. He also informed Chief Minister YS Jagan Mohan Reddy.
The decision by the Tirumala Tirupati Devasthanam has only paid for the Trust Board which governs the Sri Venkateswara Temple atop Tirumala, one of the richest Hindu temples in the world.
Andhra Pradesh government advisor S Rajiv Krishna also tweeted about Subba Reddy's "foresight".
"Demise of Yes Bank is sad since it has eroded so much of the hard earned money for millions. Due to the foresight and will of TTD Chairman YV Subba Reddy, TTD withdrew its deposits once things started to go bad, despite pressure from the bank."