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'Your money is safe': FM Nirmala Sitharaman assures Yes Bank customers

The Yes Bank crisis which was brewing under the surface for many months burst unto the surface on Thursday when RBI superseded Yes Bank's board.

twitter-logoBusinessToday.In | March 6, 2020 | Updated 16:16 IST
Your money is safe': FM Nirmala Sitharaman assures Yes Bank customers
Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has assured Yes Bank customers that their money is safe and that they don't need to worry.

"Reserve Bank of India (RBI) governor has assured me there will be no loss to any Yes Bank depositor. Both RBI and the government are looking at the Yes Bank issue in detail. We have taken a course which will be in everyone's interest," Union Minister Nirmala Sitharaman said. This was Nirmala Sitharaman's first statement on the Yes Bank crisis.

FM Nirmala Sitharaman has said that RBI has told her that they it resolve the issue soon. Sitharman added she will remain in constant touch with RBI regarding the Yes Bank financial crisis.

In an attempt to calm down fears of Yes Bank customers, the Finance Minister said the RBI is working for an early resolution. Sitharaman also added that crucial steps will be taken in the interest of depositors, banks, and the economy.

The Yes Bank crisis which was brewing under the surface for many months burst unto the surface on Thursday when RBI superseded Yes Bank's board. RBI has imposed cash withdrawal limit of Rs 50,000.

However, for purposes like marriage, and health emergencies, exceptions can be made, the RBI said. Yes Bank also would no longer be able to grant or renew any loans or advance. The bank won't be allowed to make any investment, incur any liability or agree to disburse any payment.

Also Read: YES Bank Crisis Live Updates: Sitharaman to hold press briefing at 4.30 PM

Also Read 'Yes Bank depositors' money is safe': CEA Subramanian

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