TTD withdrew deposits from all private banks: YV Subba Reddy
- IndiaGlitz, [Monday,March 09 2020]
It's known that the Tirumala Tirupati Devasthanam (TTD) withdrew gold and cash deposits to the tune of Rs 1,300 Cr from the crest-fallen Yes Bank on October 30, 2019. Yes Bank is now in the thick of controversy because it has come to suffer the consequences of reckless lending. Even as its many retail depositors are worried, the TTD withdrawing its deposits months before Yes Bank went bust has become the talk of the town.
The fact is that TTD had made a conscious decision to withdraw all deposits from all private banks under the leadership of its Chairman YV Subba Reddy. He has said that it's ridiculous to invest monies of Lord Venkateswara in private banks. These monies, after being withdrawn from private banks, have since been invested in nationalized public sector banks. As much as Rs 5,000 Cr of TTD's money/assets were invested in various private banks during TDP's rule.
After Reddy took over, investments from Yes Bank, IndusInd Bank, ICICI Bank, Federal Bank and South Indian Bank have been withdrawn and transferred to nationalized banks.
Coming to the withdrawal from Yes Bank, Reddy did it after he admittedly found out that the Bank's financial position was weak.