[Moseley]

With nearly 60, 000 denominations in the world and counting, all of them claiming that they have the monopoly on truth,

That may overstate the problem. Not every denomination agrees with every other. Denominations anad churches are founded for many reasons including just geographical convenience. They do not necessarily disagree with each other on theology or biblical interpretation. They may merely have different styles or jsut different personnel.

[NYer]

They do not necessarily disagree with each other on theology or biblical interpretation. They may merely have different styles or jsut different personnel.

Several years ago, I might have agreed with you. Back then, there were only 20,000 different denominations. The problem is private interpretation. Is private interpretation of the Bible condoned in the Bible Itself? No, it is not (2 Peter 1:20). Was individual interpretation of Scripture practiced by the early Christians or the Jews? Again, "NO" (Acts 8:29-35). The assertion that individuals can correctly interpret Scripture is false. Even the "founder" of Sola Scriptura (Martin Luther), near the end of his life, was afraid that "any milkmaid who could read" would found a new Christian denomination based on his or her "interpretation" of the Bible.

Can there be more than one interpretation of the Bible? No. The word "truth" is used several times in the New Testament. However, the plural version of the word "truth" never appears in Scripture. Therefore, there can only be one Truth.