INDIAN TEMPLE DEPOSITS 1075 KILOGRAMS OF GOLD IN STATE-RUN BANK

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Indian temple deposits 1075 kilograms of gold in state-run bank.

Tirupati temple in India’s southern Tirupati city for the first time deposits 1,075 kilograms of gold with the national State Bank of India.

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TIRUPATI, ANDHRA PRADESH, INDIA (MAY 23, 2010) (ANI-ACCESS ALL)

1. TIRUMALA TIRUPATI DEVASTHANAMS’ BOARD CHAIRMAN, D. K. ADIKESAVULU, HANDING OVER 1075 KILOGRAMS OF GOLD TO STATE BANK OF INDIA CHAIRMAN, OM PRAKASH BHATT, IN INDIA’S TIRUPATI CITY

2. CLOSE OF THE GOLD

3. ADIKESAVULU AND DUTTA WITH THE GOLD

4. (SOUNDBITE) (English) D. K. ADIKESAVULU, TIRUMALA TIRUPATI DEVASTHANAMS’ (TTD) BOARD CHAIRMAN, SAYING: “This is a great occasion. This is a win-win situation for both SBI and as far as TTD is concerned, this is the best part of it. When the proposal came and we were looking into it, some one or two other counterproposals came which made the SBI to up its interest rates also. Right from the beginning, we thought that this is a good proposal to go with it because they have this transportation, and all this. The SBI has been able to take on them.”

5. (SOUNDBITE) (English) OM PRAKASH BHATT, CHAIRMAN, STATE BANK OF INDIA, SAYING:”We have been able to conclude, which I think, is one of the single largest transaction in gold banking ever taken place in the country.”

FILE (ANI-ACCESS ALL)

6. GVs OF THE TIRUPATI TEMPLE

7. CLOSE OF THE DEITY

8. CLOSE OF GOLD CROWN

9. CLOSE OF PREIST WITH THE DEITY

STORY: The Tirupati temple in Tirupati city of India’s southern state of Andhra Pradesh, for the first time deposited 1,075 kilograms of gold with the national State Bank of India (SBI) on Sunday (May 23).

The Tirumala Tirupati Devasthanams (TTD) is an independent trust, which manages the temples in Tirupati.

TTD officials said that they are extremely happy to take such a step due to security reasons, and also because they wanted to convert idle gold into a source of income.

“This is a great occasion. This is a win-win situation for both SBI and as far as TTD is concerned, this is the best part of it. When the proposal came and we were looking into it, some one or two other counterproposals came which made the SBI to up its interest rates also. Right from the beginning, we thought that this is a good proposal to go with it because they have this transportation, and all this. The SBI has been able to take on them,” said TTD Board Chairman D. K. Adikesavulu.

He added that the temple officials would take this proposal forward for the silver stored in the temple as well.

“We have been able to conclude, which I think, is one of the single largest transaction in gold banking ever taken place in the country,” said Om Prakash Bhatt, Chairman, SBI.

Bhatt added that so far, a maximum of 100 kg of gold had been deposited in the bank by six temples.

The interest rate offered by SBI is 1 percent for three years, 1.25 percent for four years and 1.5 percent for five years.

The Tirupati temple trust is considered the richest in India.