The Shirdi Saibaba temple in Maharashtra, India, which attracts an average of one lakh visitors every day, is facing a peculiar problem. The temple receives a large number of coin donations from its visitors, and now banks are finding it difficult to manage the vast amount of coins they have accumulated.
According to a report by the Times of India, the Shri Saibaba Sansthan Trust (SSST) has more than USD 1 million or INR 11 crores in deposits, all in coins, spread across 13 branches of different Indian state-owned banks. Every month, the temple collects around USD 34,000 or INR 28 lakh in coins of all denominations.
CEO of the Shri Saibaba Sansthan Trust, Rahul Jadhav, reported that four of the state-owned banks have stopped taking coins due to a shortage of storage space. Officials from these banks have stated that they have no space to keep the coins they receive daily. This has created a significant problem for the trust.
In 2019, the trust had offered banks rooms within the temple premises for storing their coin deposits, but the offer was rejected as it went against the banks’ regulations.
As a result, the SSST is now seeking help from the Reserve Bank of India (RBI), the country’s central bank. They are also planning to approach other banks in Ahmednagar district and the state to open accounts for the trust, where coins can be deposited. ‘We will open accounts of the trust in such banks so that coins can be deposited there,’ said Jadhav.
The temple is a famous shrine that is believed to have been built in the late 19th century. It is dedicated to Saibaba, a spiritual leader and saint, who is revered by many Hindus and Muslims in India. The temple has a rich history and attracts visitors from across the country and abroad. The temple’s management has been actively involved in various charitable and social initiatives in the region. Despite the current problem of coin accumulation, the temple remains a significant religious and cultural landmark in India.
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