Mar Thoma VII - Vattipanam. (Fixed Deposit)

Vattipanam. (Fixed Deposit)

In 1790, Sakthan Thampuran (1751–1805), became the ruler of Kochi. He was an efficient ruler. He never encouraged Portuguese Missioners but offered land and other grants to Syrian Christians. His Grants to Syrian Christians paved way for the flourish of Syrian Christians in Trichur District. During his time the business in foreign trade improved. This resulted in more income to the people. Church members gave more to the church. The church made improvements to its buildings. Still the church had more savings. This was the condition of Kochi when Mar Thoma VI was consecrated in 1796.

But by 1799, situation in Travancore was different. When Velu Thampi took charge as the Dalawa (prime minister) of Travancore, treasury was empty. At that time Velu Thampi was in good terms with the British. He made an agreement with them. According to that Travancore had to pay a large sum to the British for protection. So the Travancore government was forced to collect more money from its people.

It was at this time Mar Thoma VI and Mar Thoma VII, discussed what to do with the extra money. They thought of depositing the additional income as a fixed deposit and with the interest they could begin training the priests.

While it was going on Mar Thoma VI died on April 8, 1808 at Niranam and Mar Thoma VII was enthroned as the Malankara Metropolitan.

Soon after becoming the Metropolitan Mar Thoma VII continued to discuss with Col. Macaulay, the British resident, and the church decided to deposit as loan in perpetuity a sum of 3000 Poovarahan (A poovarahan, known as Star Pagoda had a market value of £475 in 2002). The deposit was handed over to Col. Maccaulay on December 1, 1808 and he issued the receipt. The agreement stipulated that interest should be paid to the Malankara Metropolitan. This deposit is now known as Vattipanam.

Later when there were more than one Metropolitans in Malankara church, it became necessary to decide the rightful authority to receive the interest. So the government convened meetings with the church leaders and according to their decision issued proclamations authorizing that person to be the Metropolitan to receive the interest. This continued till the death of Mathews Mar Athanasius in 1877. When dispute arose, government decided that the church should ask the courts to decide to whom the interest is to be paid.