Sitharaman Assures Yes Bank Depositors, Says Their Money Is Safe
Mumbai: Following the Reserve Bank of India’s (RBI) restrictions on Yes Bank, panic erupted among its customers, Finance Minister Nirmala Sitharaman on Friday assured that every depositor’s money is safe.
She said that steps have been taken in the interest of depositors, bank and economy.
“I am in constant dialogue with the RBI. RBI has assured that they will get a quick offer. I also want to assure every depositor that their money will be safe. Steps that are taken now are in the interest of depositors, bank and the economy. There are doubts among depositors but I assure their money is safe,” Sitharaman told reporters here.
“Reserve Bank has taken cognizance of the matter. RBI has gone over and over again to find out an amicable resolution and that has been over the past couple of months. So, it’s not as if it comes suddenly now. RBI Governor has assured me that the matter will be resolved soon,” she said.
The minister said: “We are monitoring the situation. Now, RBI has come up with a plan and a proposal will be received as soon as possible. I was monitoring the situation with RBI in the last few months and so we have a The choice is definitely in the interest of everyone.”
Also Read: Long Queue Witnessed Outside Yes Bank After RBI Decision Over Withdrawals
Earlier, Chief Economic Advisor Krishnamurthy Subramanian said that there is no need for depositors to panic and assured that the funds of all depositors will be protected.
On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank’s financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the Reserve Bank of India, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.
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