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Your money safe: Nirmala Sithraman assures Yes Bank depositors


New Delhi, Mar 06: Finance Minister Nirmala Sithraman assured depositors that there will be no loss to any Yes Bank depositor.

The statement comes 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.

Nirmala Sithraman

"We have been monitoring the situation. Now that RBI has come up with a plan, a resolution will be find at the earliest. I want to asure the depositors and investors that both the RBI and government is looking into the issue. There is no need to panic, their money is safe," Sitharaman said on Friday.

"We have taken a course which will be in everybody's interest. RBI has assured that a resolution will be find as soon as possible," she added.

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    "The 30 days which we have given is the outer limit. You will see very swift action from the RBI to put in place a scheme to revive Yes Bank," Das said.

    On Thursday evening, the central bank put Yes Bank under moratorium and capped withdrawals at Rs 50,000 per account till further orders.

    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.

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