Travancore Devaswom Board (TDB) is facing severe financial crisis. It is learned that the Board may not be able to disburse salaries to its employees.To overcome the situation,Travancore Devaswom Board is withdrawing funds from its educational institutions and transferring it to the board’s account in the head office. The board has ordered to transfer funds of Rs 90 lakhs from Shanku Pillai Memorial College in Sasthamkotta, which is under TDB, to the account in head office for one year.
In order to overcome the current crisis, the board might use the college funds in a similar manner. Funds of educational institutions should be deposited in the name of special trust.
The deposits such as this cannot be used for purposes other than educational. The funds are transferred to bank account in TDB’s head office in order to overcome this technical hindrance.TDB had taken a loan of Rs 35 crores in 2017 to overcome financial problems. Due to the issues related to Sabarimala women entry, there was a significant drop in income. This made it difficult for the board to pay back the loans.
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