Union Bank of India (UBI) won the tender to dispose of Srimandir’s fund as a fixed deposit at an interest rate of 5.21%.
Shree Jagannath Temple Administration (SJTA) Administrator (Development) Ajay Kumar Jena shared this on Wednesday.
The decision was made based on a bidding process where UBI emerged as the best bidder promising an interest rate of 5.21% over other participants.
“The SJTA has decided to deposit the temple fund of Rs 115 crore with the Union Bank of India as it won the bid,” Jena informed.
“Previous quotes have been sought from various public sector banks. In the tender held at the SJTA office on Wednesday, eight public sector banks participated,” Jena said.
“Initially, UBI quoted 5.17%. Subsequently, a contest was observed between State Bank of India and UBI. Eventually, UBI won the tender,” added Jena.
Apart from the managing directors of the eight banks, members of the Jagannath Temple management committee were also present at the SJTA office during the bidding process. The call for tenders took place under the presidency of Jena.
Notably, Srimandir’s fund had been with the SBI at a three percent interest rate. So, in a bid to earn more interest, this year, for the first time, SJTA issued tenders to keep its fund in fixed deposit.
For the deposit of temple fund and Srimandir corpus fund amounting to Rs 580 crore, the auction will be held on March 30.
Jagannath temple management committee members have demanded the opening of the four gates of the Srimandir in front of Chandan Yatra as a congregation of lakhs of devotees are expected.
They also demanded that the construction of chariots and the darshan of deities be streamlined.