Yes Bank Depositors' Money Safe, 'Credible And Sustainable' Plan In Place: RBI Governor Shaktikanta Das

Reserve Bank of India governor Shaktikanta Das on Monday said that Yes Bank depositors’ money is safe as swift action has been taken by the RBI as well as the Government of India. Requesting them not to panic, Das said that depositors can withdraw money after 6 pm on March 18 as Rs 50,000 moratorium will end. “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,” the RBI governor said while speaking to media persons.

Shaktikanta Das also said that the new board will assume its position on March 26 and the office of the administrator will cease to exist. “This time, the identity of the bank in difficulty, in this case - Yes Bank, is retained. In the history of Indian banking, depositors of Scheduled Commercial Banks (SCBs) have never lost money,” he said.

Das also assured depositors that RBI will support Yes Bank with respect to liquidity it the need arises.

Talking about the coronavirus outbreak, the RBI governor said that India is not immune to this and it could impact our economy. “India is not immune to this pandemic, already more than 100 cases have been reported. Efforts are being mounted by the govt on war-footing. COVID-19 could impact India directly through trade channels, in which exposure to China is really high,” he said.

“Second round of effects of the pandemic could operate through a slowdown in the domestic economic growth & it would obviously be a result of synchronised slowdown in global growth and as a part of that, the growth momentum in India would also be impacted somewhat,” he added.

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Das said that sectors like tourism, hospitality, airlines, and domestic trade are being affected due to the outbreak and suffering. “The RBI has been taking some calibrated measures to ensure financial markets and institutions remain sound and resilient,” he said.