Tirumala Tirupati Devasthanam (TTD), which manages the cash-rich temple Tirumala, will deposit the funds that they get through Hundi offerings, seva tickets, prasadam sales in different banks. It is here that some officers are showing their negligence and using the funds as their own money.
Generally, letters are written to all banks regarding their interest rates on deposits to depositors before depositing funds in banks. Subsidably, the banks offer sealed covers to indicate interest rate. The bank will give the advance information to the banks and TTD will open the covers in the presence of all the representatives of the bank, and deposit the funds in the bank which offer higher interest rates. If the funds are higher, the bank will give you some deposits. This is the procedure TTD is following since few decades.
Recently, a deposit of Rs 4,000 crore was deposited by the finance department at a private bank. See how the drama happened. Firstly, they asked for various buses and asked how much interest would they paid for 4, 000 crore deposits. Vijaya Bank offered to give interest 7.27, Andhra Bank offered 7.01, SBI offered 7.00 and Syndicate Bank came forward to give 7.05 interest, IndusInd Bank has announced an interest rate of 6.75 per cent.
Now the official leaked the matter to Andhra Bank and made promise to the bank to deposit the amount if they gave high interest rate. The bank agreed to pay 7.33 interest rate. The financial department deposited Rs.3000 crore in Andhra Bank. They deposited only Rs 1000 crores in IndusInd Bank which annouced an interest of 7.66 percent.
Now a petition was sent to Chief Minister Peshi in this matter against the official. CM Office is looking into the issue and an explanation from EO will be asked in one or two days.