Guj polls: Hindutva out, core issues focus of parties

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.

Prayagraj,  April 1: Seven Indonesian nationals, one person from Kolkata and one from Kerala who had attended the event at Delhi's Nizamuddin Markaz have been put under quarantine, informed SP (City) Prayagraj, Brijesh Kumar Srivastava on Wednesday.

"Seven Indonesian nationals, one person from Kolkata and one from Kerala, were found at Abdullah mosque here. During the investigation, it was found that they had attended the Markaz gathering in Delhi. These people, along with 28 people who came in contact with them, have been quarantined." he said.

"A case has also been registered against them for not informing the police on reaching here," he added.

Earlier, Delhi Health Minister Satyendar Jain had said that the officials are not certain of the accurate number of people who participated in the event but it is being estimated that 1,500-1,700 people had assembled at the Markaz building.

The religious gathering was held at the Markaz building in Nizamuddin between March 13 and March 15.

The total number of active cases rose to 1466 in the country, while 132 people have been cured and discharged after receiving treatment, as of 9 am.

The number of deaths due to the infection also rose to 38, while one person has migrated.

New Delhi, Jun 24: Over 1,500 urban and multi-state cooperative banks will be brought under the supervisory power of the Reserve Bank of India (RBI), said Union Minister Prakash Javadekar on Wednesday.

"Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI); RBI's powers as they apply to scheduled banks will apply for cooperative banks as well," Javadekar said at a press conference, through video conferencing.

"The decision to bring 1,540 cooperative banks under RBI's supervision will give an assurance to more than 8.6 crore depositors in these banks that their money amounting to Rs 4.84 lakh crore will stay safe," he added.

The Minister of Information and Broadcasting further said that the Union Cabinet has approved a scheme "for interest subvention of 2 per cent to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, outstanding as on March 31, 2020, for one year to eligible borrowers."

The Minister also said that the Union Cabinet has approved the declaration of Kushinagar Airport in Uttar Pradesh as an international airport.