Yes Bank News: RBI is working on Yes Bank resolution and assured depositors that their money is safe, FM Nirmala Sitharaman says. Catch the live updates from her press conference on the Yes Bank crisis here.
Finance Minister Nirmala Sitharaman will be addressing the media at 4:30 p.m. in New Delhi today.
This comes in the backdrop of the government placing Yes Bank Ltd. under moratorium till April 3 and capping withdrawals at Rs 50,000 during the same period. Besides, the Reserve Bank of India has superseded the private lender’s board citing a steady deterioration of finances.
Earlier in the day, Sitharaman told reporters that the RBI is working on an early resolution of Yes Bank and assured its depositors that their money is safe.
Restrictions imposed on the troubled private lender and supersession of its board are steps taken in the interests of depositors, the lender and the economy, Sitharaman said.
The RBI has acted swiftly at the right time and came up with an amicable solution for Yes Bank, Sitharaman said, adding that resolution will be found at the earliest. “The message I want to give to the investors is both the RBI and Government of India are looking at this with all details before them and not just today, I have personally monitored the situation over a couple of months with RBI.”
Here’s more related coverage around the Yes Bank crisis:
The Finance Minister said that SEBI has already started acting on the corporate governance lapses at Yes Bank and the markets regulator will be looking into the situation.
The RBI would prepare a report on regulatory gaps, and “cause of the problem, and the role of the individuals in causing and addressing the problem,” Sitharaman said. The RBI will also report the government on the adequacy norms maintained by Yes Bank.
“I want the RBI to ensure that the due process of law happens with urgency,” Sitharaman said.
