Boost to gold monetisation scheme: Shri Siddhivinayak temple deposits 44 kg in gold scheme

Zee Media Bureau

Mumbai: One of the most famous temple in India, Shri Siddhivinayak has deposited around 44 kg of gold in the government's gold monetisation scheme.

As per reports, the temple has deposited gold with one of the branches of State Bank of India. The ornaments will be melted at a government mint, and the temple is likely to annually earn 2.25 percent interest on the gold deposits.

In April, Tirupati Balaji temple management had deposited 1,311 kg of gold with a public sector bank under the Gold Monetisation Scheme and is negotiating for better terms for making more such deposits

PM Modi launched the Gold Monetisation Scheme in November 2015, which aims at tapping part of an estimated 20,000 tonnes of idle gold worth Rs 5,40,000 crore in family lockers and temples into the banking system, further releasing old in the market and reducing expensive gold imports. India is one of the largest importers of the yellow metal.  

The Siddhivinayak temple is reported to have large 171 kg of gold reserves, and also plans to deposit additional 10 kg more.