After exposing failures of union govt, Rahul Gandhi gives PM Modi a huge hug

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, Jul 25: Congress leader Rahul Gandhi on Saturday accused the government of benefitting by making profits during the coronavirus-induced lockdown when people were in trouble.

He tagged a news report that claimed the Indian Railways was making profit by running 'Shramik trains' for transporting migrants during the pandemic.

"There are clouds of disease and people are in trouble, but one seeks to benefit -- this anti-people government is converting a disaster into profits and is earning," he said in a tweet in Hindi.

The news report claimed that the railways made a profit of Rs 428 crore by running Shramik special trains during the lockdown that transported migrants to their native places.

In another tweet, he lauded the efforts of the Himachal government in conducting a survey to select 'one district, one product', saying he had suggested this sometime back.

"This is a good idea. I had suggested it some time back. Its implementation will need a complete change of mindset," he said on Twitter.

He also tagged a report that stated the state Industries Department is conducting a baseline survey in all districts to select one district, one product for centrally-sponsored Micro and Small Enterprises Cluster Development Programme (MSE-CDP). 

New Delhi, Mar 29: Prime Minister Narendra Modi on Sunday said that people should not think of COVID-19 quarantine facilities as a prison and spoke with two survivors of the infection during his radio show 'Mann Ki Baat' to establish that it was curable.
The Prime Minister spoke to coronavirus survivors -- Ramagampa Teja and Ashok Kapoor - and urged them to share their success against the infection with people.
The Prime Minister asked people to listen to the survivors who had successfully defeated the coronavirus.
"I have spoken to a few people who were infected from the virus and speaking to such people. While I tried to boost their morale they also lifted my spirits when I talked to them," he said.
Speaking to the Prime Minister during the show, Ramagampa Teja, an IT professional, who tested positive for COVID-19 after returning from Dubai, said that he was frightened when he tested positive for the disease and could not believe that this has happened to him.
He said even his family was very stressed after finding out his COVID-19 positive status. "But their test results came negative, which I took as a great blessing. And since then, there were improvements every day," he said.
Teja was admitted to a government hospital in Hyderabad and was released after 14 days as he successfully overcame the infection. "The first few days were the hardest but the dedicated doctors and nurses at the hospital ensured that I recovered," he added.
He asked people not to be afraid of being quarantined. "People feel that going into quarantine means going to prison. They should know that the government quarantine is for them and their families. I want to emphasise that people must get tested and do not fear quarantine," he added.
The Prime Minister congratulated him and his family and asked him to share an audio clip of his experience. "I would like you to make an audio of your experiences and share it on social media so that it goes viral and removes fear from people's minds," the Prime Minister said.
The Prime Minister also spoke to another coronavirus survivor, Ashok Kapoor, six members of whose family in Agra were tested positive for the deadly virus.
On being asked by the Prime Minister whether they had feared for their lives, Kapoor said, "We were not scared as we received excellent cooperation from the doctors and support staff at Delhi's Safdarjung Hospital."
The six of them were shifted to Delhi and put under quarantine for 14 days where all of them successfully recovered from the infection.
The Prime Minister also commended the spirit of Ashok Kapoor and said: "Your experience came in handy for all. My best wishes to you and your family."
He also urged the Kapoor family to spread awareness regarding COVID-19 in the way they see fit. "Please spread awareness your way and you can feed whoever is hungry, look out for the poor and also spread awareness to people urging them to follow the rules," the Prime Minister said.
"If everyone follows the rules, the country will be saved," the Prime Minister said.
The Prime Minister also thanked the people involved in ensuring the continuous supply of goods and services in the country and advised them to "follow all the safety precautions, take care of themselves and their family members."
Earlier in his address, Modi had asked for the forgiveness of all countrymen, and especially the poor, for the nationwide lockdown in the country in the view of the novel coronavirus. He had then termed it a necessary measure needed to defeat the infection in India.