Declare holiday for Hindu festivals; cut Muslim holidays: Yogi govt’s order to UP Madrasas

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

Ahmedabad, Nay 19: Over 2,200 Indian nationals stranded in the UK due to the coronavirus related international travel restrictions have been flown back home during the first phase of India's biggest ever repatriation exercise, according to official figures.

Since the first special Air India flight took off from London’s Heathrow Airport for Mumbai on May 8, there have been eight routes to different Indian cities from the UK for Indian students and tourists.

Indian nationals were flown home to the cities of Mumbai, New Delhi, Bengaluru, Chennai and Ahmedabad.

“We have facilitated repatriation of 2,288 Indians stranded in the UK through eight Air India flights till 17 May. Vande Bharat Mission continues to get Indians home,” said the Indian High Commission in London.

The Vande Bharat Mission is India’s biggest ever repatriation exercise to bring back Indians from abroad who are unable to travel home due to COVID-19 related international travel restrictions.

As the second phase of the repatriation process gets underway, retired Indian High Commissioner to the UK Ruchi Ghanashyam will be among the Indians flying back to New Delhi on Thursday.

“It has been such a hectic period, but I hope to return to the UK to say goodbyes in person sometime in the future,” Ghanashyam said during a virtual farewell organised by the Indian Journalists’ Association (IJA UK) on Monday.

As the packed flights take off daily, there are some still desperately waiting their turn, including those wanting to fly to some cities that are yet to be scheduled, including Kolkata.

“I have two young daughters, elderly parents, and a wife back at home. There is no way to return to Kolkata. I am worried for my parents,” says Suvendu, who came to the UK for work but recently lost his job.

“I am really surprised there are no Kolkata flights yet, but I am hoping they will be announced in the future,” adds Dr Arpita Ray, whose father needs to fly back home.

Another group waiting their turn to return home to their families in India includes students in the Overseas Citizen of India (OCI) category, which remains suspended in India’s extended COVID-19 lockdown.

According to the regulations issued by the Indian government last month and updated last week, visas of foreign nationals and OCI cards, that provide visa-free travel privileges to the people of Indian-origin, have been suspended as part of the new international travel restrictions following the COVID-19 pandemic.

“Our plight is no different from the struggles being faced by Indian students who hold Indian passports – India is home for all us,” says Tridip, an undergraduate at SOAS University of London.

“Yes, air travel at this point of time may be a risk but we are of course ready to take all precautionary measures and undergo the mandatory quarantine period upon arrival in India," adds the 18-year-old.

“Having lived in India for the greater part of my life, India is home to me as much as it is to an Indian citizen, and just as any Indian citizen wishes for the comfort of home and family, so do I. I can only hope that the government reviews its policy on OCI holders and appeal to them to include us in their repatriation plans," says Atulit, an under-graduate student at Imperial College London.

Bianta, a student at Bangor University in Wales, adds: “Along with all of the mental stress, financially the UK is too expensive. In the coming weeks my rental agreement will expire, after which I will have nowhere to go.

“I cannot continue funding myself here in the UK as I only planned to be here till May marking the end of my course. Please help us get home. The colour of my passport does not define where my home is."

As all commercial international flights continue to be grounded, the second phase of the Vande Bharat Mission with a total of 149 flights is aimed at bringing back Indians from 40 countries. On landing in India, these travellers have a 14-day quarantine requirement at venues organised by the respective state governments. 

Kochi, Jul 11: Johnny Paul Pierce's five-month stay in Kerala has been a soul-soothing experience for 74-year-old US citizen. He now wants to spend the rest of his life here.

"Kerala is a beautiful place to live in. This is my fifth trip here. I usually stay here for six months. It is such a magical place to be and I want to share that with people from the US," Pierce told ANI.

He came to India on February 26 on a tourist visa and is staying at Kandanadu in Kochi.

According to Pierce's Advocate, his tourist visa is valid up to January 26, 2025. But on this visa, he can only stay consecutively for 180 days.

The guidelines of the Indian government permit continuous stay for only 180 days for foreigners on tourist visas. His 180 days were set to expire on August 24, which the Foreigner Regional Registration Office (FRRO) extended to August 30.

The US citizen has approached the Kerala High Court seeking to convert his tourist visa into a business visa. The petition will be considered next week.

Pierce has sought a directive to the government to permit him to apply for the conversion of his tourist visa into a business visa and also to extend his stay, without having to leave the country.

"I am making a petition for an extra 180 days to stay. And I would also like to get a business visa in order to begin a tour company to bring people from the US to Kerala after the coronavirus. I wish my family could also come here. I am very impressed with what's is happening here. People in the US don't care about COVID-19," he said.

He talked about the risk of going back to his home country saying, "There are only 27 deaths in Kerala and in the US there over 1.3 lakh deaths. I do not want to go back to the US. I am 74 years old and I am at risk. This is a very safe place for me. I hope India embraces and allows me to stay."

"There's chaos in the US due to COVID-19 and government is not taking care like India. I want to stay here," he added.

Pierce further talked about his future plans, saying that if he is allowed to stay, he would like to lease a small resort and make a retirement community, which will be a COVID free zone.

Lastly, he made an appeal to the Indian government to let him stay in India saying that "all the immigration rules were made before COVID-19."

"There should be special consideration for people like me," he added.