Money is safe: Govt assures Yes Bank depositors

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The Centre has assured the depositors of Yes Bank that their money is safe. Union Finance Minister Nirmala Sitharaman said that the RBI is working for an early resolution of the crisis.

“Restructuring plan given by RBI will be implemented in the next 30 days to safeguard the interest of depositors,” said, while briefing the media in New Delhi on Friday. She further said that the salary of employees of Yes Bank is assured for one year and deposits, liabilities will be unaffected

Meanwhile, the RBI is preparing to offer a special liquidity window for Yes Bank as urgent financial support to the troubled private sector lender.

It may be mentioned here that on March 5, SBI said its board had given an in-principle approval to explore an investment in Yes Bank. Earlier that day, in a sudden move, the RBI took control of Yes Bank and limited withdrawals.

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