Finance Minister Nirmala Sitharaman has assured the Yes Bank depositors that their money is safe. "In touch with RBI on the Yes Bank crisis," Sitharaman told reporters.
"I want to assure all the depositors that their money is safe, I am constantly in touch with the Reserve Bank of India (RBI). The steps that are taken are in the interest of the depositors, the bank & the economy," Sitharaman stated.
The FM further stated that: "The RBI governor has assured me that the matter will be resolved soon. Both RBI and the government of India are looking at this. I've personally monitored the situation for a couple of months along with RBI and we have taken the course that will be in everybody's interest."
SBI chief meets FM Sitharaman
State Bank of India (SBI) chairman Rajnish Kumar on Friday, March 6, met Finance Minister Nirmala Sitharaman in Parliament to discuss the Yes Bank crisis. Following the meeting, the SBI chairman assured the depositors that the interest of Yes Bank depositors will be protected and there is no need to panic.
READ: 'Will take a call after RBI plan is in,' says SBI chief
"Will take a call on Yes Bank after the Reserve Bank of India (RBI) plan is in," Rajnish Kumar told reporters outside the Indian Parliament.
"We have shown an in-principle interest in Yes Bank and the proposal for the same has been sent to the stock exchange," Kumar stated.
Yes Bank has been placed under 30-day moratorium by the RBI and the withdrawal limit has been capped at Rs 50,000 for depositors on March 5. The bank will remain under withdrawal restrictions until April 3, 2020.
