Govt taking strict action: Ravi Shankar Prasad on Yes Bank crisis

Union Law and Justice Minister Ravi Shankar Prasad on Sunday said that the government has initiated strict action regarding the Yes Bank issue.

Speaking to media, when asked about the Yes Bank crisis, Prasad said, "The government is taking strict action. The State Bank of India is moving in that direction."

"Finance Minister Nirmala Sitharaman has said that the loans that have resulted in this situation of Yes Bank were given when Dr Manmohan Singh was the Prime Minister of the country and the Finance Minister was P Chidambaram," he said.

The Reserve Bank of India (RBI) had said that a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

Speaking on the International Women's Day, Prasad said, "It is a matter of great pride that Indian women are moving ahead in every sector like Defence, Information Technology, and Science."

"Women have contributed immensely to Swach Bharat Abhiyan. 11 crore toilets have been made in the past five and a half years. On this day, my wishes are with them and we salute their confidence," he said.