Powerful journalism on tap, Download The Kashmir Monitor app.

Yes Bank depositor’s money is safe:Nirmala Sitharaman

Finance Minister Nirmala Sitharaman today said that Reserve Bank of India is working towards for early resolution of Yes Bank issue. RBI governor has assured that here will be no loss to any Yes Bank depositor, the finance minister said, adding that the steps taken to take control of Yes 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: Finance Minister Nirmala Sitharaman.

 

Both RBI and government are looking at Yes Bank issue in detail and the course of action will be in everyone’s interest, Sitharaman said.

The immediate priority is to ensure Yes Bank customers are able to withdraw money within ₹50,000, she added.

Earlier in the day, RBI chief Shaktikanta Das pledged to act swiftly to resolve the Yes Bank crisis. The Reserve Bank of India on Thursday capped withdrawals at ₹50,000 and imposed strict limits on operations at the country’s fourth-largest private lender, while a rescue plan is devised within 30 days. In a statement late on Thursday, the regulator said it was forced to step in after Yes Bank’s latest effort to raise new capital failed to materialize and as the lender “was facing regular outflow of liquidity.”