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No need to transfer Rs 545 crore deposits of Jagannath Temple to a public sector bank: RBI

13/03/2020 at 9:05 AM

Bhubaneswar, Mar 13:  There is no need to transfer Rs 545 crore deposited in Yes Bank accounts by Shri Jagannath Temple management to a public sector bank.

This has been stated by Reserve Bank of India (RBI) deputy governor N S Vishwanathan in a letter to chief secretary Asit Kumar Tripathy on Thursday.

The RBI has adequate powers to regulate and supervise the private sector banks and by using these powers it has ensured that the depositors’ money is entirely safe, the letter read.

The RBI letter comes close on the heels of the state government seeking transfer of Rs 545 crore of Lord Jagannath deposited in the crisis-ridden Yes Bank to a public sector bank.

Shri Jagannath Temple management committee on March 7 wrote to the RBI regional director to effect transfer of funds from the Yes Bank to other nationalised bank. Similarly, finance minister Niranjan Pujari  had also requested the union finance minister for fund transfer to other bank.

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