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Tirupati: Temple trust loses Rs 400 crore revenue due to lockdown, struggles to pay salaries to staff


Nation Next Newsroom | May 12, 2020 18:49

Tirupati Temple: Lockdown has affected the revenues of businesses and TTD, the trust which runs Sri Ventakeshwara Temple at Tirumala, is no different.
Tirupati Balaji Temple

Lockdown has affected the revenues of businesses throughout the world and Tirulamal Tirupati Devasthanams (TTD), the trust which runs Sri Ventakeshwara Temple at Tirumala, is no different. The trust, which is widely known as world’s richest temple trust, is struggling to pay salaries and meet daily expenses because of lack of cash. The trust has lost revenue of Rs 400 crore due to the lockdown.

YV Subba Reddy, the chairman of TTD, told TOI that the trust has been incurring a loss of Rs 200 crore per month since the nationwide lockdown. The temple had closed itself for visitors on March 20 as a precautionary measure. The trust has Rs 14,000 crore in fixed deposits, which yield almost Rs 700 crore annual interest. Apart from the fixed deposits, the trust has a gold reserve of nine tonnes.

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TTD, which has an annual expenditure of nearly Rs 2,500, has spent around Rs 300 crore since the lockdown on salaries, pensions and other fixed expenses. The trust is now trying to find ways to resolve the crisis without having to use its gold reserve of fixed deposits.