Over 50% of Chhattisgarh people can't prove citizenship

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.

New Delhi/ Jammu, Jun 29: Syed Ali Shah Geelani, the face of Kashmir's separatist politics for over three decades, has quit the Hurriyat Conference, the biggest separatist amalgam in Kashmir. The 90-year-old, who had led the separatist movement in Kashmir Valley since the 1990s, was a lifelong chairman of the Hurriyat.

He has mostly been in house arrest since 2010, when anger and violence over police firing on protesters consumed Kashmir.

In an audio message, Syed Ali Shah Geelani said he was announcing his resignation from the All Party Hurriyat Conference because of "the current circumstances" in the umbrella group.

"In view of the current state of the Hurriyat Conference, I am announcing my complete dissociation from the forum. In this context I have already sent a detailed letter to all constituents of the forum," said Geelani in an audio message released this morning.

This marks a major development for separatist politics in Jammu and Kashmir after the government ended its special status under the constitution's Article 370 in August last, split it into two union territories and enforced massive restrictions in movement besides jailing scores of leaders.

Geelani also released a two-page letter in which he accused constituents of Hurriyat of inaction after the scrapping of Article 370.

"I sent messages to you through various means so the next course of action could be decided but all my efforts were in vain. Now that the sword of accountability is hanging over your heads for the financial and other irregularities, you thought of calling the advisory committee meeting," he wrote.

The letter accused Hurriyat constituents of hatching "conspiracy and resorting to lies against him" and also teaming up with the Hurriyat chapter in Pakistan Occupied Kashmir, which had targeted him. "Instead of reprimanding them, you called a meeting in Srinagar and ratified their stand. You people have become part of the conspiracy and lies," said the letter.

"The lack of discipline and other shortcomings were ignored and you did not allow a robust accountability system to be established over the years but today, you have crossed all limits and indulged in rebellion against the leadership."

Sources say Geelani had been attacked by groups in Pakistan for what they called his failure to respond to the government's big move. Many questioned the silence of the separatist hardliner, who was prone to calls for protest shutdowns and election boycotts.

A three-time MLA from Sopore, Geelani quit electoral politics after militancy erupted in Kashmir. Recent reports have claimed that he has been unwell.

New Delhi, Jun 17: Prime Minister Narendra Modi on Wednesday called for an all-party meeting to be held on June 19 to discuss the situation at the border areas with China.

The virtual conference meeting, presided by PM Modi, will be attended by presidents of various political parties in the country.

"In order to discuss the situation in the India-China border areas, Prime Minister Narendra Modi has called for an all-party meeting at 5 PM on 19th June. Presidents of various political parties would take part in this virtual meeting," a tweet by the PMO India read.

At least 20 Indian Army personnel, including a Colonel rank officer, had lost their lives in the violent face-off in the Galwan valley area of Ladakh on June 15.

The violent face-off happened on late evening and the night of June 15 in Ladakh's Galwan Valley as a result of an attempt by the Chinese troops to "unilaterally change" the status quo during de-escalation in Eastern Ladakh and the situation could have been avoided if the agreement at the higher level been scrupulously followed by the Chinese side, India said on June 16.

The Chinese side also suffered casualties, including the death of the commanding officer of the Chinese Unit involved in the violent face-off with Indian troops, sources confirmed to news agency.