22 October, 2020

All Nos To That Yes To Yes Bank

All Nos To That Yes To Yes Bank
outlookindia.com
2020-03-14T10:49:27+05:30

Over the past few years, the Shree Jagannath Temple Administration (SJTA) has made quite a mess of running the 12th-century temple in Puri, Odisha. Now, outrage over nearly Rs 545 crore of temple money parked in the beleaguered Yes Bank has got a fresh lease of life. The SJTA had taken the decision unilaterally in March 2019 without informing the Temple Management Committee, in gross violation of rules.“How did the SJTA take the decision when anyone who knows anything about banking knew that Yes Bank was in the doldrums and had been sliding since 2017?” asks Kartik Chandra Das, a banker. In February, the Temple Management Committee decided to withdraw the amount and deposit it in a nationalised bank, as required under the rules. On March 6, law minister Pratap Jena said the money had been put in two term deposits that would mature on March 16 and 29, respectively, and that it would be duly deposited in a nationalised bank. He did not utter a word, though, on how the decision to park money in Yes Bank was taken in the first place, nor on any action against the...

unsub

THIS ARTICLE IS PRICELESS...

To read this piece, and more such stories in India's most exciting and exacting magazine, plus get access to our 25-year archives goldmine, please subscribe.


More from Sandeep Sahu


Latest Magazine

October 26, 2020
content

other articles from the issue

articles from the previous issue

Other magazine section