New Delhi: A day after RBI put a cap on withdrawal from Yes Bank and suspended its board for a period of 30 days, Finance Minister Nirmala Sitharaman assured depositors that there will be no loss to any Yes Bank depositor.
Meanwhile Rahul Gandhi tweeted that Modi and his ideas have destroyed India’s economy.
No Yes Bank.
Modi and his ideas have destroyed India’s economy.
— Rahul Gandhi (@RahulGandhi) March 6, 2020
On Thursday, in an emergency measure, the Reserve Bank of India put Yes Bank under moratorium and imposed a withdrawal cap of Rs 50,000 per account per month. The RBI has however allowed some relief in case of weddings and other functions.
The RBI said this move was necessary because of a serious deterioration in Yes Bank’s financial position and that it would swiftly work on a revival plan. The RBI said it had been left with no option but to ask the government to impose a moratorium. It however assured depositors that there was no need to panic and that their interests would be taken care of.