Banks run out of space as Shirdi temple coin collections soar

The huge donations in coins at the Shirdi Saibaba Temple have created a problem of plenty for banks as they are running out of space to keep them.

According to a Times of India report some banks with which the temple trust has accounts have refused to accept these coins as they do not have any storage space left for them.

The monthly collections at the temple in the form of coins which range from 50 paise to Rs 10 denomination is around Rs 28 lakh.

Currently, the Shri Saibaba Trust Trust has some Rs 11 crores deposited in the form of coins in its accounts at 13 different public sector bank branches. While most of them are in Shirdi, one branch is in Nashik.

Out of these 13 banks, four state-owned banks have now refused to take any more coins as they do not have the space to keep them.

Meanwhile, the Trust has written to the Reserve Bank of India for its help in handling the coin collections.

“Officials of these four banks said they have no space to keep the coins they get every day. This is a big problem for the trust,”  Rahul Jadhav, the CEO of the trust  told TOI.

The temple trust is also approaching banks in other parts of Ahmednagar district so that some of the coins can be deposited with them.