The organisation that manages the Tirumala temple, Tirumala Tirupati Devasthanams (TTD), published a white paper in which it listed all of its assets, including gold deposits and fixed deposit accounts. The trust claimed to have assets of Rs 2.26 lakh crore, including over 10 tonnes of gold and Rs 15,938 crore in cash.
However, the trust referred to social media claims that TTD had chosen to invest excess cash in the bonds and securities of the Andhra Pradesh government as inaccurate and incorrect. It stated that the surplus funds were placed in predetermined banks.
According to TTD standards, quotes from scheduled banks with the best credit ratings for gold deposits were requested, whereas institutions that were subject to PCA (prompt corrective action) by the RBI were not at all invited.
The government mint received all of Srivari Hundi’s gold donations as part of a 12-year gold depositable monetisation plan. A bank also deposits each donation it receives in another branch of the same bank. Any bank that gathered parakamani coins put them in their own bank as well.
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