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Mar 07, 2020

Govt assures Yes Bank depositors their money is safe: RBI working on early resolution of crisis

Finance Minister Nirmala Sitharaman has assured depositors of Yes Bank that their money is safe and said the RBI is working for an early resolution of the crisis. 

She said, restructuring plan given by RBI will be implemented in the next 30 days to safeguard the interest of depositors. Briefing media in New Delhi, Ms Sitharaman said, employment, the salary of employees of Yes Bank is assured for one year and deposits, liabilities will be unaffected.

She said, Government and RBI were monitoring Yes Bank matter continuously from 2017 and noticed governance issues, weak compliance and wrong asset classification. 

The Minister said, probe agencies saw some Yes Bank management indulged in malpractice. She said, cleaning up of Yes Bank commenced after the management change took place in 2018. 

Ms. Sitharaman said, RBI will go into assessing what went wrong with Yes Bank and Government has asked the Central Bank to identify the role of individuals in Yes Bank problems. 

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