Tourist killed in Kashmir stone pelting; CM says her head hangs in shame

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, Feb 5: Over five crore farmers were yet to get the third instalment of money under the Centre's ambitious PM-Kisan scheme, aimed at providing direct support of Rs 6,000 annually to them, according to the latest Ministry of Agriculture and Farmers' Welfare data.

The total amount of the scheme, which came into effect on December 1, 2018, is to be paid in three equal instalments of Rs 2,000 every four months.

The data showed about 2.51 crore farmers have not got even the second instalment and 5.16 crore of them were yet to get the third instalment.

Over 9 crore farmers have registered themselves under the scheme between December 2018 and November 2019, it said.

Of these, 7.62 crore or 84 per cent of farmers have received the first instalment.

The money through the second instalment was given to nearly 6.5 crore farmers and the amount under the third instalment was given to 3.85 crore beneficiaries, according to the data received in response to an RTI query filed by this PTI journalist.

The agriculture ministry, in its response, gave three sets of data mentioning the benefits given to farmers under the scheme between December 2018 and November 2019.

It said 4.74 crore farmers were registered between December 2018 and March 2019.

Of them, 4.22 crore received the first instalment, 4.02 crore the second and 3.85 crore the third.

There was no mention why nearly 50 lakh, 70 lakh and 90 lakh registered farmers during this period did not get the first, second and third instalment respectively.

There was no registered beneficiary in West Bengal and Sikkim, hence no amount was disbursed during this period, according to the data.

Giving details of the 3.08 crore farmers registered between April and July last year, it said 2.66 crore and 2.47 crore beneficiaries have got their first and second instalments respectively.

The RTI reply did no mention why around 40 lakh and 61 lakh registered farmers during this period did not get their first and second instalment respectively.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the third instalment is not due for the beneficiaries registered in the period April 2019-July 2019," the ministry said.

There was no registered beneficiary during this period in West Bengal, Punjab and Chandigarh and therefore nobody was paid first and second instalments.

The ministry said around 1.19 crore beneficiaries were registered between August and November 30, 2019, of these nearly 73.66 lakh farmers have been given the first instalment.

There was no mention of payment of first instalment to over 45 lakh eligible beneficiaries during the period.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the second and third instalments are not due for the beneficiaries registered in the period August 2019 to November 2019," it said.

The ministry was asked to provide the total number of farmers, state-wise, and the amount received by them under the Pradhan Mantri Kisan Samman Nidhi or PM-Kisan scheme.

"PM-Kisan Samman Nidhi scheme has been implemented from December 1, 2018. It is stated that PM-Kisan is a continuous and ongoing scheme, in which the financial benefits are transferred to the bank accounts of the identified beneficiaries as and when their correct and verified data is uploaded by the concerned states/union territories on PM-Kisan web portal," the ministry said in the RTI response vide its letter dated December 26, 2019.

The data of beneficiaries so uploaded by them undergoes a multi-level verification, including by banks, and only then the amount is released to the beneficiary, it said, adding that www.pmkisan.gov.in website can be accessed to get more details on the operational guidelines of the scheme.

According to the data updated on the website on February 3, around 8.82 crore farmers have been registered and 8.41 crore have received the first installment, 7.56 crore the second instalment, 6.19 crore the third and 3.03 crore have received the fourth installment.

In Assam, out of 16.97 lakh farmers registered during this period, 14.02 lakh got the first instalment, 13.72 lakh received the second and 9.87 lakh the third.

Of the 42.34 lakh registered beneficiaries in Maharashtra, 36.98 lakh got the first instalment, 31.53 lakh the second and 27.67 lakh got the third instalment.

As many as 23.83 lakh farmers in Kerala received their first instalment, 18.79 lakh got the second and 18.43 lakh the third. A total of 26.13 lakh beneficiaries were registered in the state between December 2018 and March 2019.

There was no beneficiary registered during the period from West Bengal, which has refused to implement the scheme, according to the ministry's response.

In Uttar Pradesh, nearly 9.57 lakh out of 19.64 lakh farmers have got the first instalment. In Gujarat, nearly 1.22 lakh out of 1.98 lakh registered farmers got the first instalment.

Around 9.78 lakh farmers out of the 17.18 lakh registered beneficiaries have received the first instalment in Madhya Pradesh. In Odisha, only 5,507 farmers out of 5.6 lakh registered farmers have got the first instalment, the ministry said.

None of the 7,326 farmers registered in Sikkim was paid the first instalment, according to the ministry's reply. In Delhi, 1,447 farmers out of 1,734 have got the first instalment.