Venkaiah Naidu takes oath as Vice-President of India

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.

Apr 11: India has sent back 20,473 foreigners who wanted to return to their countries following the Covid-19 global pandemic, it was revealed on Friday (April 10).

"So far, we have successfully evacuated 20,473 foreign nationals as of yesterday. This is an ongoing process," said Dammu Ravi, Coordinator on Covid-19 issues at the Ministry of External Affairs, MEA.

"This involves several countries," Ravi said during the daily government briefing on Covid-19, although he could not list the countries offhand. "We are receiving excellent cooperation from governments all over the world for this process."

Many foreigners, especially tourists, were stranded in India when domestic and international flights were abruptly cancelled last month in a bid to curb transmission of the coronavirus.

The Ministry of Tourism has asked stranded foreigners to get in touch with the government through a special portal started for the purpose, through their embassies in India and other sources to facilitate their evacuation if they wished to head home.

As of Friday evening, the Ministry of Health and Family Welfare had confirmed 6,761 Covid-19 cases in India, of whom 515 patients have been cured.

There were 206 deaths reported from across the country.

Two states, Punjab and Orissa, have extended the ongoing lockdown until April 30.

Prime Minister Narendra Modi will consult state chief ministers on Saturday to decide whether to extend the country-wide lockdown, which is due to end at midnight on April 14.

May 29: Over 45,000 stranded Indians were brought back home from abroad under the Vande Bharat mission and another 1,00,000 will be evacuated till June 13, the Ministry of External Affairs said on Thursday.

The mega evacuation mission was launched on May 7.

MEA Spokesperson Anurag Srivastava said the government is also assisting return of stranded Indians from remote locations in Latin America and Caribbean, Africa, and parts of Europe.

"This is being done by taking advantage of foreign carriers flying to India primarily for evacuation of their nationals," he said during an online media briefing.

He said a total of 45,216 Indians were brought back till Thursday afternoon and they include 8,069 migrant workers, 7,656 students and 5,107 professionals.

About 5,000 Indians have returned through land border from Nepal and Bangladesh.

In the first phase of the mission from May 7 to 15, the government evacuated around 15,000 people from 12 countries. The second phase of the evacuation mission was scheduled from May 17 to 22. However, the government has extended it till June 13.

Srivastava said a total of 3,08,200 people have registered their request with Indian missions abroad for repatriation to India on compelling grounds.

"During the phase two, a total of 429 Air India flights (311 international flights + 118 feeder flights) from 60 countries are scheduled to land in India. The Indian Navy will be making four more sorties to bring back returnees from Iran, Sri Lanka and the Maldives," Srivastava said.

The MEA spokesperson said the government is targeting to bring back 1,00,000 people from 60 countries by the end of phase two of the Vande Bharat mission.

"Preparations for third phase of Vande Bharat Mission are well underway," he said.

As per the government's policy for evacuation, Indians having "compelling reasons" to return like pregnant women, elderly people, students and those facing the prospect of deportation are being brought back home.