Yes Bank Crashes 85%: Your Money Safe, Says Finance Minister

Yes Bank Share Update: The RBI Governor Das said that the central bank have a program to revive the besieged lender.

A day following the Reserve Bank of India (RBI) frozen the Yes Bank’s board for a period of 30 days”due to acute deterioration in the fiscal position of the Bank” and inflicted a withdrawal limit of Rs 50,000 on its own account holders until April 3.

Finance Minister Nirmala Sithraman guaranteed depositors that there’ll not be any reduction to some Yes Bank depositor. Earlier in the afternoon, RBI Governor Shaktikanta Das said the bank includes a strategy to revive the lender.

“We can take speedy action… and we’ve got a strategy set up to revive the lender,” news agency Press Trust of India reported quoting Shaktikanta Das. Here are a few things to learn about Yes Bank catastrophe:

The conclusion Yes Bank was shot at a”bigger level” rather than in individual entity level, and has been aimed at ensuring that the protection of the fiscal system, RBI governor stated farther.

The RBI governor additionally ensured, “RBI stands prepared to intervene in any way needed to respond to outbreak challenges”. (Also Read: Sensex Tanks 1,000 Factors; Virus Spread, Yes Bank Crisis Rattle Investors)

“The RBI is totally stopped of this matter, and it has assured they’ll provide a fast resolution. I would like to guarantee every depositor their cash shall be secure. Their money is secure. I am always in contact as well as are accepted from the interest of lender depositors and the market. We’re full of stopped of this evolution,” Ms Sitharaman told reporters in New Delhi.

Following the Reserve Bank of India put Yes Bank under the moratorium and imposed withdrawal limitation, the stock price of the Mumbai-based private creditor dropped 85 percent to reach an intraday low of Rs 5.65 on the National Stock Exchange. The stock closed at Rs 36.80 on Thursday.

The central bank stated that the bank capacity had experienced a decrease because of the inability of the bank while putting the lender below the moratorium.

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