The Tirumala Tirupati Devasthanams receive funds like no other religious institution in the world. These funds are then deposited in Nationalised banks, as fixed deposits, which yield interests in return.
According to the latest reports, the TTD is planning to now divert these funds from nationalised banks, to buy bonds of the Andhra Pradesh and Central Government, as they yield more interest percentage.The Indian economy has been badly hit because of the Coronavirus pandemic, and as a result, the interest rates in all banks have dropped. The TTD is hence looking to buy government bonds so that it would get 7% interest against its investment.
However, popular belief is that the TTD is stepping in to save the AP government from the heavy debts that it has taken so far. Not a single bank is coming forward to lend money to the AP government, keeping in mind the thrifty way it is spending money. The AP government has also gone past its debt limit with the RBI, so that’s not an option anymore either.
Especially opposition parties are saying that the TTD is stepping in – that the government is making them step in – to help the government financially during this disastrous period. With the TTD trying to divert its funds to the government, very shortly after the Antarvedi chariot burning incident, and the stealing of Kanaka Durga chariot’s silver lions is paving way for many more controversies.
Several political leaders are saying that the government is entirely looting Hindu temples, and that it is not even responding when something atrocious takes place against the Hindu temples and religions. The call on investing in government bonds, by the TTD, will be taken in the upcoming meeting of the governing body.