Yes Bank Depositors' Money Safe, Will Inject Liquidity If Needed: Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated on Monday that the moratorium on Yes Bank will be lifted at 6 am on Wednesday, March 18. He also urged depositors to avoid making panic withdrawals.
"Remain confident that your money is safe," the RBI governor said to Yes Bank depositors.
He also said that if needed, the central bank will step in to provide necessary liquidity to Yes Bank.
Commending the restructure plan implemented for Yes Bank, Das said that this was the first occasion that a state-owned bank and private lenders came together to bail out a bank in crisis.
"The restructuring plan is credible, sustainable and first of its kind," he said, adding that swift action was taken by the RBI and government on the issue.
Earlier during the day, Yes Bank had said that it will resume full banking services from 6:00 pm on Wednesday. In a Twitter post, the private sector lender said: "Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hours to experience our suite of services."Â
Earlier this month, the RBI placed Yes Bank under a moratorium till April 3 following deterioration in the bank's financial position, and took control of its board. The central bank restricted withdrawals from Yes Bank accounts at Rs 50,000 with few exceptions.
On Friday, the Union Cabinet approved a reconstruction scheme for Yes Bank, as proposed by the RBI.Â
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
