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Vikash Sharma

Bhubaneswar: Hours after Yes Bank resumed its operations, the private sector lender remitted Rs 397 crore to designated SBI account of Jagannath Temple Corpus Fund at Puri Main Branch. Earlier, restrictions on withdrawal of funds from Yes Bank had kicked off a political storm in Odisha.

Informing about the development in a letter to Krishan Kumar, the chief administrator of Shree Jagannath Temple Administration (SJTA), senior vice-president of Yes Bank Jaydev Das said, “We have remitted Rs 397,23,27,636 (principal Rs 389 crore and interest Rs 8,23,27,636) to the designated SBI Account of Jagannath Temple Corpus Fund, SBI main branch in Puri.”

Also Read: RBI Allays Fears About Deposits In Pvt Banks Amid Row Over Srimandir Funds In Yes Bank

As per the terms and conditions of the fixed deposits (FD) placed with us, Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that is accrued till March 19, 2020 has been remitted along with the principal amount Rs 389 crore to the SBI account of Jagannath Temple Corpus Fund.

Also Read: Srimandir Funds in Yes Bank: BJD MPs meet FM Nirmala Sitharaman

As per the terms and conditions of the fixed deposist (FD) paced with us, Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that is accrued till March 19, 2020 has been remitted along with the principal amount Rs 389 crore to the SBI account of Jagannath Temple Corpus Fund.

The bank further clarified that as two more FDs of Rs 156 crore is also under No-Premat option, it doesn’t allow bank to pay prematurely as per the extended guidelines of the regulator. Hence, the principal amount of Rs 156 crore and interest up to date shall be remitted on March 30, 2020.

The money will be remitted to the designated Jagannath Temple Corpus Fund account on the date of its maturity, Yes Bank said in its statement.

A final decision regarding depositing Jagannath temple funds in a nationalised bank will be taken tomorrow. Already tenders from several nationalised banks have been invited and decision will be taken after opening of the bids tomorrow.

"Nearly 50 per cent of the funds will be deposited in the bank which will provide high interest rate while 25 per cent each will be deposited in two other banks. Rs 100 crore of Lord Jagannath Foundation Fund will be kept in SBI," informed Srimandir Administrator (Development) Ajay Jena.

Earlier, opposition parties including BJP and the Congress had tried to cornered Odisha government over its decision to park funds belonging to the Lord Jagannath in crisis-hit Yes Bank.

With uncertainty looming large over Rs 545 crore of Srimandir kept in Yes Bank following issuance of moratorium on withdrawals by RBI, the Opposition earlier had sought clarification from Odisha government over who gave the direction to shift the cash to a private bank.

Later, a delegation of BJD MPs led by Prasanna Acharya had met Union Finance Minister Nirmala Sitharaman to discuss about the funds belonging to Puri Srimandir deposited in crisis-hit Yes Bank. They had also urged Sitharaman to take urgent measures to resolve the issue.

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