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Tirupati temple deposits 1,075 kilograms of gold with SBI - Printable Version

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Tirupati temple deposits 1,075 kilograms of gold with SBI - KRISHNASAGAR - 05-24-2010

Quote:The Tirupati Temple in Andhra Pradesh has for the first time deposited 1,075 kilograms of gold with the State Bank of India (SBI) owing to security concerns.

The Tirumala Tirupati Devasthanams (TTD) is an independent trust, which manages temples in Tirupati.

TTD officials said they were extremely happy about taking the step due to security reasons, and also for wanting to convert idle gold into a source of income.

"This is a great occasion. This is a win-win situation for both SBI and as far as TTD is concerned, this is the best part of it. When the proposal came and we were looking into it, some one or two other counterproposals came which made the SBI to up its interest rates also," said D. K. Adikesavulu, TTD Board Chairman.

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