To overcome the financial crisis bobbing up out the coronavirus pandemic, the Travancore Devasom Board is planning to take gold loan using the gold reserves in the temples including Sabarimala temple. Travancore Devaswom Board is planning to knock on the doors of Reserve Bank India (RBI) for gold loans.
“We are in a big crisis. On 22 August, central government officials held a meeting with prominent temple boards. At least 10 boards participated in it. They encouraged us to use the existing ‘Gold Monetization Scheme’ (made in 2015), where we can avail a 2.5% interest against gold loans deposited to RBI through banks,” N. Vasu, president of TDB.
The RBI’s Gold Monetization Scheme scheme allows banks’ customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25 per cent to 2.50 per cent.
The TDB rules over 1300 temples in Kerala. Tons of gold is reserved in the temples most of it offerings from devotees. Lord Ayyappa temple in Sabarimala is one of the richest Indian temples and considered to hold massive riches including gold jewellery received in offerings for over the years.
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