Finance Minister Nirmala Sitharaman said that the money of the depositors of Yes Bank is completely safe and the government will not allow their losses.
At a press conference on Friday after the news of Yes Bank being in crisis, Finance Minister Nirmala Sitharaman said, “I want to assure that the money of every depositor of Yes Bank is safe. The Reserve Bank has assured me that Yes There will be no harm to any customer of the bank.
she said that both the Reserve Bank and the government are looking into this matter seriously and the government will take any decision in the interest of common people. she said that the government will ensure that the people working in the bank will not have any problem of job and salary for one year.
The Finance Minister said that the first priority of both the government and the Reserve Bank is that the limit of withdrawal of up to 50 thousand rupees for those holding money in Yes Bank can be ensured.
Earlier, Reserve Bank Governor Shaktikanta Das also assured depositors and common people that Yes Bank will be resolved very quickly.
He said that the Reserve Bank had been monitoring Yes Bank since 2017 and the investigating agencies had also found many irregularities in Yes Bank.
The Finance Minister said that now the Reserve Bank will find out what went wrong in Yes Bank and if there is any responsibility for it personally, then the Reserve Bank will also know about it.
She said that the Anil Ambani Group, Essel, DHFL, ILFS, Vodafone were loaned by Yes Bank, which are among the most endangered companies.
The governor told reporters that whatever decision has been taken or will be taken forward on Yes Bank has been made keeping in mind the security and stability of the banking sector.
Shaktikanta Das also assured the people, “I assure you that our banking sector will remain completely smooth and secure”.
Giving information about what the Reserve Bank is going to do about Yes Bank, Das said, “I can assure that RBI will soon come up with a plan for revival of Yes Bank. The management of the bank (Yes Bank) was given full opportunity to prepare a reliable revival plan. The bank also made efforts, but when we felt that we could not wait any longer and we should not wait any more, we decided to intervene.
After consultations with the government, the Reserve Bank on Thursday dissolved the board of directors of Yes Bank and also placed a bet on customers that they would not be able to withdraw more than Rs 50,000 in a month.
The Reserve Bank has appointed Prashant Kumar, former Chief Finance Officer (CFO) of State Bank, as the Administrator of Yes Bank.
Chidambaram’s question to the government
After the press conference of the Finance Minister, Congress leader and Finance Minister P Chidambaram in the UPA government tweeted and accused the government of not taking any step in time.
P Chidambaram tweeted, “Heard the Finance Minister addressing the media. It is clear that the crisis has been in place since 2017 and the government has practically done nothing but” talk to RBI “.
He also wrote, “The merger decisions were taken by RBI Governor Dr. C. Rangarajan and Dr. YV Reddy. Why does the Finance Minister not call him and ask him to explain his decision?”
He also asked what is the government doing today? Is the government not merging weak public sector banks into stronger public sector banks? Naturally, the finance minister blamed the “legacy” of the UPA. She will say the same in the remaining tenure of the BJP government.