Sunday, October 2, 2022

Yes Bank crisis: Finance Minister Nirmala Sitharaman assures no loss to bank customers, says deposits, liabilities won’t be affected

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Taking cognizance of the Reserve Bank of India’s (RBI) decision to suspended the Yes Bank’s managing board and limit customers’ withdrawal to only Rs 50,000 for a month till April 3, Finance Minister Nirmala Sithraman on Friday, March 6, addressed a press conference to assure the bank customers that their deposits and liabilities won’t get affected due to bank’s poor performance. She said the RBI was continuously monitoring Yes Bank’s governance and performance since 2017, and only after her permission, the RBI decided to put the restrictions asserting that bank customers don’t need to worry as the situation would be normal soon.
FM also assured the employees of the Yes Bank that they no need to worry and assured them salaries for at least one year. She informed that Yes Bank lent hefty amounts to companies like Essel, DHFL, ILFS, Vodafone that are very stressed corporates and facing losses.
She also promised strict actions against the people responsible for the bank’s losses and situation adding that investigating agencies would not spare the culprits.
Before the Finance Minister’s presser, RBI Governor Shaktikanta Das said the central bank would take swift measures to revive the bank’s business and situation.
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RBI appointed Yes Bank Administrator, Prashant Kumar, told the media that the current moratorium has been brought into effect keeping the depositors’ interest in mind and these measures would help in restoring their confidence.
The central bank is trying to find a solution to revive the Bank before the moratorium period of 30 days ends. Soon the customers would be able to do seamless transactions and RBI assures the depositors that their money is safe and there is no need to panic or worry about their money.

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