Walking from Delhi to MP, man dies in Agra amid lockdown

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, May 4: Rebutting the Congress' criticism, the BJP said on Monday that the railways has subsidised 85 per cent of ticket fare for special trains being run for migrant workers and the state governments have to pay the remaining 15 per cent.

The ruling party also accused the Congress of promoting indiscriminate movement of people which, it said, would lead to "faster spread" of coronavirus infection "just like we saw in Italy", and asked if this is what Sonia Gandhi wants.

The counter-charge from BJP leaders, including its spokesperson Sambit Patra and information technology department in-charge Amit Malviya, came after Congress president Sonia Gandhi hit out at the central government for making migrants pay for their train fare and asked her party's state units to pick the tab.

Congress leader Rahul Gandhi also took a swipe at the railways, saying, on one hand, it is seeking ticket fare from people stranded in various states while on the other it is donating Rs 151 crore to the PM-CARES Fund.

Responding to him, Patra said, "Rahul Gandhi ji, I have attached guidelines of MHA which clearly state that 'No tickets to be sold at any station'. Railways has subsidised 85% & state govt to pay 15%. The state govt can pay for the tickets (Madhya Pradesh's BJP govt is paying). Ask Cong state govts to follow suit," Patra tweeted.

The BJP leader further clarified that for each 'Shramik Express', special trains being run for migrants to take them back to their native places during the lockdown, about 1,200 tickets to the destination are handed by the railways to the state government concerned.

State governments are supposed to clear the ticket price and hand over the tickets to workers, he said.

He said the BJP government in Madhya Pradesh is doing so and asked Rahul Gandhi to tell the Congress-ruled states to follow suit.

Hitting out at Sonia Gandhi, Malviya tweeted, "Congress is obviously upset at how well India has handled Covid. They would have ideally wanted a lot more people to suffer and die. Promoting indiscriminate movement of people would lead to faster spread of infection, just like we saw in Italy. Is this what Sonia Gandhi wants?"

BJP MP Subramanian Swamy claimed that migrant workers returning home will not have to pay money as the rail travel will be free from now onwards.

"Talked to Piyush Goyal office. Govt will pay 85% and State Govt 15%. Migrant labour will go free. Ministry will clarify with an official statement," he tweeted.

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Kochi, Apr 16: As many as 268 British citizens stranded in Kerala due to the nationwide lockdown were airlifted by British Airways on Wednesday from Thiruvananthapuram and Cochin International Airports.

The flight took off from Thiruvananthapuram to London's Heathrow Airport with 110 passengers at 7.30 pm. Later, 158 more passengers boarded the flight from Cochin airport at 10.07 pm.
A medical team, including four doctors, screened the passengers at the Thiruvananthapuram airport before they boarded the flight.

Earlier this month, the first charter flight from India reached London's Stansted with 317 British nationals on board from Goa.

The British government had earlier announced the operation of 19 chartered flights to evacuate its nationals who are stranded in India amid travel restrictions owing to the coronavirus crisis.