Temple money belongs to deity, cannot be used to save cooperative banks, says top court

New Delhi: The Supreme Court on Friday held that funds belonging to a temple deity cannot be diverted to rescue financially struggling cooperative banks, dismissing appeals filed by two such institutions against a Kerala High Court directive.

A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi made the remarks while hearing petitions from Mananthawady Co-operative Urban Society Ltd and Thirunelly Service Cooperative Bank Ltd. The banks had challenged the high court’s order directing five cooperative institutions to close the Thirunelly Temple Devaswom’s fixed deposits and return the full amount within two months.

Questioning the banks’ stance, the Chief Justice asked, “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.” He added that the money belonged to the deity and must be “saved, protected and utilised only for the interests of the temple” rather than becoming a means for the survival of cooperative institutions.

The Devaswom had approached the high court after multiple cooperative banks declined to release its matured deposits despite repeated requests. The high court eventually ordered Thirunelly Service Cooperative Bank Ltd, Susheela Gopalan Smaraka Vanitha Cooperative Society Ltd, Mananthawady Cooperative Rural Society Ltd, Mananthawady Co-operative Urban Society Ltd and Wayanad Temple Employees Cooperative Society Ltd to repay the deposits within two months.