VIJAYAWADA: The decision of Tirumala Tirupati Devasthanam (TTD) to withdraw deposits to the tune of Rs 1,300 crore some months ago from Yes Bank proved to be a boon on Thursday as the Reserve Bank of India (RBI) capped the depositor withdrawal at Rs 50,000 per account for a month.
During the regime of the previous TDP government, the TTD deposited its funds with four banks including Yes Bank. However, YV Subba Reddy, immediately after taking charge as chairman of the TTD Trust Board, focused on the TTD deposits and got a comprehensive report from the officials about the financial position of the four banks.
After identifying that Yes Bank was facing a severe financial crisis, the chairman issued directions for immediate withdrawal of the deposits. Despite pressure against withdrawing the deposits, Subba Reddy brought the issue to the notice of Chief Minister YS Jagan Mohan Reddy and went ahead with withdrawing the money from Yes Bank.