Temple money belongs to deity, cannot be used to save cooperative banks: SC

The Supreme Court on Friday said that money belonging to a temple deity cannot be used to prop up financially distressed cooperative banks.

The sharp observations were made by a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi while hearing appeals filed by a few cooperative banks challenging a direction of the Kerala High Court asking them to return the deposits to the Thirunelly Temple Devaswom.

“You want to use the temple money to save the bank? What is wrong with directing that the temple money, instead of being in a cooperative bank which is breathing with great difficulty, should go to a healthy nationalised bank which can give maximum interest,” the CJI asked. Temple money belongs to the deity and hence, the money has to be “saved, protected and utilised only for the interests of the temple” and it cannot become a source of income or survival for a cooperative bank, the CJI said.

The pleas against the High Court order were filed by Mananthawady Co-operative Urban Society Ltd and Thirunelly Service Cooperative Bank Ltd.

The High Court had directed five cooperative banks to close the Devaswom’s fixed deposits and refund the entire amount within two months, following repeated refusals by the banks to release the matured deposits. The case arose from a plea filed by the Thirunelly Devaswom after several cooperative banks refused to repay the temple’s fixed deposits despite repeated requests.