Want to assure YES Bank depositors that their money is safe: FM Sitharaman

Finance Minister Nirmala Sitharama assured the depositor that their corpus was safe in YES Bank and the Reserve Bank of India would manage the situation well. 

She said that the YES Bank board has been bypassed and former State Bank of India chief financial officer Prashant Kumar has been appointed administrator of YES Bank.

RBI is finding a solution to this, and no depositor will lose any money, she said. She added that the people can withdraw money to deal with tough situations and the cash crunch is being dealt with. 

The Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank,capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
 

Sitharaman insisted the immediate priority to ensure Yes Bank customers are able to withdraw money within Rs 50,000 limit.