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There will be no loss to any Yes Bank depositor: Finance Minister Nirmala Sitharaman

New Delhi: A day after the Reserve Bank of India (RBI) suspended the Yes Bank’s board for a period of 30 days “owing to serious deterioration in the financial position of the Bank” and imposed a withdrawal limit of Rs 50,000 on its account holders till April 3, Finance Minister Nirmala Sitharaman assured depositors that there will be no loss to any Yes Bank depositor. Earlier in the day, RBI Governor Shaktikanta Das said the central bank has a scheme to revive the beleaguered lender. “We will take swift action… and we have a scheme in place to revive the bank,” news agency Press Trust of India reported quoting Shaktikanta Das. The decision on Yes Bank was taken at a “larger level” and not at individual entity level, and was aimed at ensuring the safety of financial system, RBI governor said further. The RBI governor also assured, “RBI stands ready to intervene in whatever way required to respond to epidemic challenges”. “The RBI is fully ceased of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their moneies are safe. I’m constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, bank and economy. We are fully of ceased of the development,” Sitharaman told reporters in New Delhi. After the Reserve Bank of India placed Yes Bank under the moratorium and imposed withdrawal limit, the stock price of the Mumbai-based private lender crashed 85 per cent to hit an intraday low of Rs 5.65 on the National Stock Exchange. The stock closed at Rs 36.80 on Thursday. While placing the bank under the moratorium, the central bank said that the bank’s financial capability had undergone a steady decline largely due to the inability of the bank to raise capital.

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