Finance Minister Nirmala Sitharaman on Friday (6 March) said that Reserve Bank of India (RBI) is working towards for early resolution of Yes Bank issue and she is in constant touch with the Governor.
“RBI Governor has assured that there will be no loss to any Yes Bank depositor,” she said, adding that the steps taken to take control of the bank is in interest of depositors, bank and the economy.
“I want to assure every depositor’s money is safe, and I’m in constant touch with RBI,” Sitharaman said, adding she was herself monitoring the situation for couple of months.
She assured the resolution will be found at the earliest and RBI and government are working together on this.
The Minister said she will speak to RBI Governor to see depositors don’t face any cash crunch and the priority is safety of the depositors’ money and can’t give details of the plan.
On Thursday (5 March), RBI superseded Yes Bank management and appointed a former SBI chief financial officer as administrator and put a moratorium on withdrawal of deposits for a month capping it at Rs 50,000 crore.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.