As per the terms and conditions of the fixed deposits (FD), Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that is accrued till March 19, 2020 has been remitted along with the principal amount Rs 389 crore to the SBI account of Jagannath Temple Corpus Fund, reported by OdishaTv.

Hours after resuming its operations, Yes Bank returned Rs 397 crore to designated SBI account of Jagannath Temple Corpus Fund at Puri Main Branch.

Informing about the development in a letter to Krishan Kumar, the chief administrator of Shree Jagannath Temple Administration (SJTA), senior vice-president of Yes Bank Jaydev Das said, “We have remitted Rs 397,23,27,636 (principal Rs 389 crore and interest Rs 8,23,27,636) to the designated SBI Account of Jagannath Temple Corpus Fund, SBI main branch in Puri.”

As per the terms and conditions of the fixed deposits (FD), Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that is accrued till March 19, 2020 has been remitted along with the principal amount Rs 389 crore to the SBI account of Jagannath Temple Corpus Fund.

The bank further clarified that as two more FDs of Rs 156 crore is also under No-Premat option, it doesn’t allow bank to pay prematurely as per the extended guidelines of the regulator. Hence, the principal amount of Rs 156 crore and interest up to date shall be remitted on March 30, 2020.

The money will be remitted to the designated Jagannath Temple Corpus Fund account on the date of its maturity, Yes Bank said in its statement.

however a final decision regarding depositing Jagannath temple funds in a nationalised bank will be taken on 20th March. Already tenders from several nationalised banks have been invited and decision will be taken after opening of the bids.

Earlier, opposition parties including BJP and the Congress had tried to cornered Odisha government over its decision to park funds belonging to the Lord Jagannath in crisis-hit Yes Bank.

Image source: Indiatoday