Banks Vying for Accounts as Ayodhya Gears Up for Ram Mandir Consecration

As the much-anticipated consecration of the Ram Mandir in Ayodhya on January 22 approaches its final stages, banks are in a competitive race to secure accounts associated with the monumental temple. With expectations of substantial donations and event-related transactions, numerous banks have approached the Ram Mandir Trust to be part of their financial network.

A senior official from a private bank revealed, “Many banks, including ours, have reached out to the Ram Mandir Trust, anticipating the need for additional accounts to manage the inflow of donations and payments for various temple events.

This week, Karnataka Bank inaugurated a branch in Ayodhya, reflecting the growing importance of the region. The government of Uttar Pradesh is actively working to transform Ayodhya into a tourist hub, considering the significant tourist footfall. Sameer Varma, Special Secretary of the Finance Department, expressed, “Ayodhya is poised to become a favored destination for tourists, with last year seeing 32 crore people visiting Uttar Pradesh, a majority exploring Ayodhya alongside Varanasi, Mathura, and Agra.

Currently, the Ram Mandir Trust maintains accounts with three PSU banks—Bank of Baroda, State Bank of India, and Punjab National Bank—with total deposits reaching approximately Rs 3,000 crore by March 2023. Bank of Baroda, leading the State Level Bankers Committee for the Ayodhya district, holds the largest share of the Trust’s deposits.

Foreseeing Ayodhya’s ascent as a prime tourist destination, bankers predict substantial donations for the Ram temple, potentially rivaling other renowned temples like Balaji Tirupati and Siddhivinayak. The Ram Mandir Trust, established following the Supreme Court’s verdict in February 2020, is also registered under the Foreign Contribution Regulation Act (FCRA), allowing it to accept donations from outside India.