Moratorium on Yes Bank to be lifted on March 18: RBI
On Thursday, the SBI said that it would invest Rs 7,250 crore in Yes Bank, which is much higher than Rs 2,450 crore it had planned initially for 49 per cent stake in India's fourth-largest private sector bank.
New Delhi: The moratorium on crisis-hit Yes Bank imposed early this month will be lifted on Wednesday at 6 pm, said Reserve Bank of India (RBI) Governor Shaktikanta Das here on Monday.
Das, while addressing media persons, assured depositors that their money is “completely safe and there is nothing to worry.”
“Swift action has been taken by the RBI and the Government of India. The lifting of moratorium will be on Wednesday, 18th March at 6 pm,” said Das.
“I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry. There is no reason for any undue worry,” he added.
RBI Guv: As far as Indian economy is concerned, India is relatively insulated from global value chain, to that extent impact on India will be less. But India is integrated to global economy so there’ll be some impact. We’re evaluating&we’ll announce it when we hold Policy meeting pic.twitter.com/Dd9HvdWlbJ
— ANI (@ANI) March 16, 2020
On Thursday, the SBI said that it would invest Rs 7,250 crore in Yes Bank, which is much higher than Rs 2,450 crore it had planned initially for 49 per cent stake in India’s fourth-largest private sector bank.
The Union Cabinet on Friday approved reconstruction scheme for private sector lender Yes Bank as proposed by the RBI.
On March 5, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3 in view of its poor financial health due to bad loans. (ANI)