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Over million in coin donations, nowhere to deposit; India’s Shirdi Saibaba temple approaches RBI for support

India’s Shirdi Saibaba temple, a essential shrine positioned in the articulate of Maharashtra, is facing a special challenge. The temple, which boasts of an moderate one lakh guests everyday, is drowning in coins. Most of the temple guests donate coins at the shrine, and now banks are reportedly struggling with these.

As per a Times of India articulate, the Shri Saibaba Sansthan Belief (SSST) which has accounts in 13 branches of diverse Indian articulate-owned banks at this time has bigger than a million bucks (1,340,647 to be accurate) or INR 11 crores in deposits, all in the originate of coins.

Every month, the temple collects round USD 34,000 or INR 28 Lakh in coins of all denominations.

“Officials of these four banks talked about they effect no longer non-public any condo to take care of the coins they gather on every day foundation. Right here’s a enormous challenge for the believe,” he talked about.

Reportedly, earlier in 2019, to manage with the storage challenge, the believe had equipped banks rooms contained in the temple premises for storage of its coin deposits. Then as soon as more, the provide used to be rejected; as it went against the banks’ guidelines.

On account of this, SSST is now looking out out intervention from India’s central monetary institution, the Reserve Bank of India (RBI).

“Concurrently, we non-public now got made up our minds to contrivance banks in other parts of Ahmednagar district, to boot to the articulate, to support us. We can commence accounts of the believe in such banks so that coins may also be deposited there,” he added.

(With inputs from agencies)


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