Over million in coin donations, nowhere to deposit; India's Shirdi Saibaba temple approaches RBI for help
Shirdi Sai Temple
India's Shirdi Saibaba temple, a famous shrine located in the state of Maharashtra, is facing a unique problem. The temple, which boasts of an average one lakh visitors daily, is drowning in coins. Many of the temple visitors donate coins at the shrine, and now banks are reportedly struggling with these.
As per a Times of India report, the Shri Saibaba Sansthan Trust (SSST) which has accounts in 13 branches of different Indian state-owned banks currently has more than one million dollars (1,340,647 to be exact) or INR 11 crores in deposits, all in the form of coins.
Every month, the temple collects around USD 34,000 or INR 28 Lakh in coins of all denominations.
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Now, as per Rahul Jadhav, CEO of the Shri Saibaba Sansthan Trust (SSST), four of the state-owned banks have stopped taking coins due to a storage space crunch.
"Officials of these four banks said they have no space to keep the coins they get every day. This is a big problem for the trust," he said.
Reportedly, earlier in 2019, to deal with the storage issue, the trust had offered banks rooms within the temple premises for storage of its coin deposits. However, the offer was rejected; asit went against the banks' regulations.
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Due to this, SSST is now seeking intervention from India's central bank, the Reserve Bank of India (RBI).
"Simultaneously, we have decided to approach banks in other parts of Ahmednagar district, as well as the state, to help us. We will open accounts of the trust in such banks so that coins can be deposited there," he added.
(With inputs from agencies)
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