The Reserve Bank of India has ordered nationalised banks to continue accepting coins deposited by Saibaba Temple in Maharashtra’s Shirdi, informed the managing unit of the shrine.
Earlier, few banks in which the Shri Saibaba Sansthan Trust has accounts, had expressed inefficiency to accept coins that are collected in the donation boxes of the temple on a daily basis.
On Wednesday, RBI holds a meeting at its Navi Mumbai office and asked the banks to accept coins and cash deposited by the temple authorities, said the Chief Executive Officer of SSST, Deepak Muglikar.
As a temporary measure, the temple trust has also recommended that it could make rooms available with necessary security and CCTV camera for storage of the coins on the behalf of the banks, and the Central Bank has accepted the proposal, informed Mr. Muglikar.
Funds deposited in the donation boxes of the temple is counted twice a week. On an average, every counting yields coins amounted Rs. 5 lakhs among the cash of Rs. 2 crore.
Last year, Saibaba Temple in Shirdi had received a cash donation of Rs. 165 crore, of which around Rs. 4 crore were in forms of coins.
Till date, Rs. 1.5 crore of SSST funds in the form of coins is with 11 banks where SSST Trust has banks accounts, said an official of SSST Trust.