Puri: The total funds amounting to Rs 545 crore of Lord Jagannath parked in the crisis-hit Yes Bank will be withdrawn tomorrow as the moratorium imposed on the bank is set to be lifted at 6 pm today.
The money will be transferred from the bank to UCO Bank, Main Branch, Puri in two transactions through e-transfer tomorrow, said Shree Jagannath Temple Administration (SJTA) (Development) Ajay Kumar Jena while briefing mediapersons here today.
“While Rs 389 crore deposited in the bank on March 19, 2019 is maturing tomorrow, rest Rs 156 crore will mature on March 30. The SJTA has decided to withdraw the entire Rs 545 crore from the bank tomorrow. An intimation for withdrawal of Rs 389 crore was given to Yes Bank yesterday and another intimation will be submitted today for the rest amount,” Jena asserted.
The SJTA had earlier written to the RBI for transfer of Rs 545 crore deposited by it in Yes Bank to UCO Bank, Main Branch, Puri. The money crore was deposited by the temple administration in shape of TDRs. Earlier, Finance Minister Niranjan Pujari had earlier clarified that the funds were deposited in the Yes Bank as it offered the highest rate of interest of 8.61 percent. The SJTA had invited quotations from scheduled commercial banks for depositing the money while 12 banks gave proposals in this regard.
Notably, Yes Bank Ltd was placed under moratorium by Reserve Bank of India (RBI) and certain restrictions imposed by the RBI for withdrawal of funds from the bank.