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Last Updated : Mar 16, 2020 06:38 PM IST | Source: Moneycontrol.com

Yes Bank crisis | RBI Governor says depositor money safe, no need to withdraw in panic

The moratorium on Yes Bank was placed on March 5.

The moratorium on Yes Bank will be lifted on March 18 at 6 pm, Reserve Bank of India (RBI) Governor Shaktikanta Das said. He reassured depositors that their money is safe and that they do no need to withdraw their funds in panic.

A large number of depositors have remained loyal to Yes Bank, Das noted.

On March 5, Yes Bank had been placed under a 30-day moratorium period, placing a Rs 50,000 withdrawal limit on customers. The RBI had superseded the board and appointed an administrator.

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The RBI formed a reconstruction scheme to rescue the lender, which has been formally notified. Das called the reconstruction scheme a "credible and sustainable plan".

Also read: Coronavirus pandemic | RBI stands ready to measures needed to counter COVID-19, says RBI Guv

On March 16, Das said the new board will take over on March 26, and the administrator will vacate his position.

"If there is a requirement, RBI will provide liquidity support to Yes Bank," he added.

The RBI Governor added that state governments have been reassured about the health of private lenders.
First Published on Mar 16, 2020 04:26 pm
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