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Steps taken by RBI on Yes Bank are in the interest of depositors, says FM Nirmala Sitharaman

Updated : March 06, 2020 04:25 PM IST

The Reserve Bank of India (RBI) has taken control of the Yes Bank Board for 30 days and imposed a moratorium from March 5 to April 3. Each depositor will be able to withdraw only up to Rs 50,000 till the moratorium is in place. Frantic depositors have thronged Yes Bank branches and ATMs to withdraw their money.

Finance Minister Nirmala Sitharaman said, “RBI is fully seized of the matter, I am sure that they will give a quick resolution. I want to also assure every depositors that their money shall be safe, their money is safe. I am constantly in touch with Reserve Bank, and the steps that are taken are in the interest of the depositors, the bank and the economy. We are fully seized of the developments, so depositors can be assured that their money is safe.”

She further added, “Reserve Bank has taken cognisance of the problem and moved swiftly. One can always say this not been in the air for some time, couldn’t the Reserve Bank have come in earlier. Reserve Bank has gone through the process over and over again to find out the amicable resolution. That has been over last couple of months. So, it is not as if they have come in suddenly now. We have been monitoring this situation.”

“Both the Reserve Bank and the government of India are looking at this with the details before them and not just today, I have personally monitored this situation over couple of months with the Reserve Bank together and therefore we have taken a course which is going to be in everybody’s interest.”
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