Rs 397 Cr Jagannath Temple Funds In YES Bank Transferred To SBI

Puri: Amid apprehensions over the fate of Jagannath Temple funds parked in the crisis-hit YES Bank, the private bank on Thursday informed the Shree Jagannath Temple Administration (SJTA) about remission of a fix deposit worth Rs 389 crore along with interest of Rs 8,23,27,636 crore.

An amount of Rs 397 crore (Principal amount of Rs 389 crore and interest Rs 8,23,27,636 crore) has been remitted to SBI account of Jagannath Temple Corpus Fund at Puri Main Branch, it said.

In the letter to SJTA Chief Administrator Krishan Kumar, senior vice-president of the YES Bank Jaydev Das said that as per the term of condition of the fixed deposit placed with the bank, the YES Bank Ltd has fully paid all the quarterly interest on time up to December 31, 2019. “The remaining interest that is accrued till March 19, 2020, has been remitted along with the principal amount of Rs 389 crore to SBI account of the Jagannath Temple Corpus Fund,” he wrote.

He, however, said that two more fixed deposits of Rs 156 crore are under no-premat option which does not allow the bank to pay prematurely. “As per the extended guidelines of the regulator, we shall remit the principal amount of Rs 156 crore and interest up to date on the date of maturity on March 30, 2020, to the designated account of the temple corpus fund in the SBI main branch in Puri,” he added.

The total temple corpus fund amount of Rs 397,23,27,636 deposited the SBI account include the principal amount of Rs 389 crore and the interest amount of Rs 8.23 crore.