TIRUPATI: Accusations of Tirumala Tirupati Devasthanam (TTD) of flouting rules in depositing money in banks created a flutter after unconfirmed media reports claimed it had rejected a bank’s offer of higher interest rate. The TTD as well as the temple executive officer have denied the allegations.

The reports said TTD did not follow the tender process in a sealed cover, and went to the deposit the fund merely after a telephonic conversation with the banks.

According to the reports, the TTD had allegedly rejected Vijaya Bank’s offer of 7.33% interest rate, and deposited money with Andhra Bank for an interest rate 7.32%. The TTD deposited around Rs 3,000 crore at Andhra Bank and another Rs 1,000 crore towards IndusInd Bank for 7.66% interest. After the alleged scam was taken up by TV channels, the vigilance wing, within the department conducted a detailed inquiry.

TTD executive officer, Anil Kumar Singhalcondemned the allegations. Singhal, addressing a media conference here, on Monday, said that the TTD is following guidelines given by state and Union governments in depositing temple money in banks.

Singhal said that the TTD had called for sealed bid quotations for depositing its money in nationalised public sector, as well as private banks, according to the directions of the investment committee. Officials who opened sealed cover quotations sent by banks on March 24, 2018 had asked the banks to revise quotations with best possible interest rates by March 27, he said.

“We have deposited Rs 4,000 crore acquired through interest in various banks, in which Rs 3,000 crore were deposited in public sector banks and Rs 1,000 crore in IndusInd bank, which accepted to give 7.66% interest per annum,” said Singhal.

The TTD has deposits of Rs 10,589 crore in various banks as of now, and every transaction is done transparently following guidelines, he said.

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