The Supreme Court clarified that temple funds belong to God and should be used only for the benefit of the temple. It cannot be used to rescue financially weak cooperative banks. The High Court ordered the banks to return the fixed deposit amounts within two months.
The Supreme Court today (December 5) clarified that temple funds cannot be used to rescue financially troubled cooperative banks. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi made this observation while hearing an appeal filed by several cooperative banks challenging a Kerala High Court order directing them to return deposits to the Thirunelli Temple Devaswom.
The CJI asked, “You are keeping temple funds in a cooperative bank that is in dire financial straits. If the bank closes or incurs further losses, the temple’s funds are at risk. So, what’s wrong with keeping temple funds in a safe, sound, government-owned bank (a nationalized bank), which will not only be safe but also offer higher interest?”
Temple funds are for the temple, not for the bank.
The Supreme Court stated that temple funds belong to God. Therefore, it is crucial to keep them safe. This money should only be used for the temple’s purposes and in the temple’s best interests. It cannot be used to support any bank or generate income for the bank. The Kerala High Court ordered some cooperative banks to close temple fixed deposits and return the entire amount to the temple within two months. This order came after the banks continued to refuse to return the deposits.
Some cooperative banks, such as Mananthavady Co-operative Urban Society Limited and Thirunelli Service Co-operative Bank Limited, appealed to the Supreme Court. They argued that the High Court’s sudden order was putting them in a difficult position. However, the Supreme Court bench rejected their appeal. The judges stated that banks must build their credibility with the public. If banks are unable to attract good customers and deposits, that is their own problem.
Supreme Court Rejects Banks’ Appeal, High Court Order Remains In Force
The Supreme Court did not accept the cooperative banks’ appeal. This means the banks must comply with the High Court’s order. However, the court allowed the banks to seek an extension from the High Court so they could complete the repayment process within the stipulated time. This case began when the Thirunelli Devaswom complained that several cooperative banks refused to refund the temple’s fixed deposits, despite the temple’s repeated attempts to request the money back.
The High Court had ordered that Thirunelli Service Co-operative Bank, Susheela Gopalan Smaraka Vanitha Co-operative Society, Mananthavady Co-operative Rural Society, Mananthavady Co-operative Urban Society and Wayanad Temple Employees Co-operative Society should all return the deposits to the temple within two months.
Read More: Google Pixel Price Cut: Get Rs 14,000 off on buying Google Pixel 10 now, see offers
