On the occasion of remembering Dr. BB Shetty, Prof. UdyavaraMadhavaAcharya inaugurated Prof. BV AcharyaYakshanidhi on 15th Nov. 1998, with a view to support yakshagana artists. On Feb. 7, 1999 a Conference of the managers of professional troupes (melas) was organized by YK at AmbalapadyMandir and discussed various welfare schemes for the benefit of yakshagana artists. To implement the welfare schemes Yakshanidhi was set up on May 5, 1999. It was proposed to collect Rs. 1 lakh by selling photo-albums containing 20 famous artists of both Tenkutittu and Badagutittu. On 25th October 1999 first assemblage (samaavesha) of professional yakshagana artists was held in the presence of Sri K GovindaBhat, at Sri PutthigeMatha Hall, CarstreetUdupi.
Sponsored by Ambalpady Lions Club, Group Insurance Scheme for 165 yakshanidhi members was inaugurated on April 25, 2000. 25 senior artists were honoured On July 7th 2000 with cash award of Rs. 5,000 each on the occasion of silver jubilee celebration of YakshaganaKalaranga. All the artists of professional yakshaganamelas were contacted by the office bearers of YK with a request to become the members of Yakshanidhi and avail the benefits. More than 200 professional artists became the members.
On May 31st every year Yakshanidhi organizes artists’ get-together (samaavesha),arranges medical checkup camp for the artists, extends medical facilities, conducts art workshops and provides gifts to the participant artists with valuable items. JeevanAnand Insurance scheme has been extended to the artists and Yakshanidhi has been bearing 50% of the premium amount. A diary containing the names and addresses of all the yakshagana artists is printed every year and presented to the artists for ready reference. In association with Canara Bus Owners Association,professional artists are provided with bus passes having 50% concession.
Under sponsorship of AnnapurneshwariMandir, Horanaadu, educational scholarships are provided to the children of yakshagana artists. So far, five houses have been built for the yakshagana artists. During the year 2021-22 49 artists have become the members of Yakshanidhi. As on today there are 1136 life members. During 2021-22 medical assistance has been provided to the artists at a cost of Rs. 4,45,250. Under wipe-the-tear scheme conciliatory support of Rs.2,00,000 has been provided to each of the families of 4 yakshagana artists who passed away during 2021-22. In the samaavesha held on 31-05-2022, 700 artists have been provided with gifts worth Rs. 500 each. During Corona crisis 409 financially weak professional artists have been provided with a support of Rs. 2,500 each (totaling Rs. 10,22,500) through online transfers to their bank accounts directly.