Did TTD foresee Yes Bank crisis? Tirumala temple trust withdrew Rs 1300 cr recently
New Delhi, Mar 06: Tirumala Tirupati Devasthanam in Andhra Pradesh quite recently withdrew deposits of Rs 1,300 crore from Yes Bank. 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.
During the regime of the previous TDP government, the TTD deposited its funds with four banks including Yes Bank.
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.
The RBI has capped withdrawals from Yes Bank at Rs 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.