Newz Desk, Durgapur: The Supreme Court on Friday made it clear that the assets and deposits belonging to temple deities cannot be diverted to stabilise struggling cooperative banks, emphasising that such funds must be used exclusively for the benefit and upkeep of the temple.
A Bench led by Chief Justice of India Surya Kant delivered the observation while hearing a batch of appeals filed by several Kerala-based cooperative banks against a Kerala High Court order directing them to refund fixed deposits held by the Thirunelly Temple Devaswom.
“Temple money belongs to the deity. It must be protected and utilised only for the temple’s interests,” the Chief Justice said. “It cannot be treated as a safety net to keep financially weak cooperative banks afloat.”
The banks — including the Mananthawady Co-operative Urban Society Ltd. and the Thirunelly Service Cooperative Bank Ltd. — had argued that the High Court’s directive requiring repayment of the deposits within two months created significant operational strain. Their counsel submitted that the sudden withdrawal would further weaken the already stressed institutions.
The Supreme Court, however, rejected the argument, questioning why the temple’s funds should remain stuck in “banks breathing with great difficulty” instead of being moved to nationalised institutions offering greater stability and higher returns.
“You want to use temple money to save the bank? What is wrong with placing the funds in a healthy nationalised bank?” the Chief Justice asked.
The case stems from a petition by the Thirunelly Devaswom, which alleged that multiple cooperative banks had refused to release matured fixed deposits despite repeated requests for repayment. The Kerala High Court had subsequently ordered the closure of the temple’s deposits and directed the banks to immediately return the full amount.
With the Supreme Court now affirming the principle that temple assets must be safeguarded, the cooperative banks face mounting pressure to comply with the High Court’s repayment order.
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