The decision of Tirumala Tirupati Devasthanam to withdraw deposits worth 1,300 crore a few months ago from Yes Bank has proved to be a master stroke. On Thursday, the Reserve Bank of India (RBI) capped the depositor withdrawal at Rs 50,000 per account for a month. During the tenure 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 understanding the financial constraints the chairman isuued orders for immediate withdrawal of the deposits despite all the pressure. 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.