Sitharaman to brief media today on Yes Bank crisis

Finance Minister Nirmala Sitharaman will brief the media at 4.30 pm today on the Yes Bank crisis.

After restrictions by Reserve Bank of India (RBI) on Yes Bank created a panic situation among its customers, Sitharaman earlier today assured that money of every depositor is safe.

She asserted that the steps have been taken in the interest of depositors, bank and the economy.

"I am in continuous interaction with RBI. RBI has assured that they will find a quick resolution. I want to also assure every depositor that their money shall be safe. Steps that are taken now are in the interest of depositors, bank and the economy. There are doubts among depositors but I assure their money is safe," Sitharaman told reporters here.

"Reserve Bank has taken cognizance of the matter. RBI has gone over and over again to find out an amicable resolution and that has been over the past couple of months. So, it's not as if it comes suddenly now. RBI Governor has assured me that the matter will be resolved soon," she said.

The minister continued: "We have been monitoring the situation. Now, RBI has come up with a plan and a resolution will be found at the earliest. I along with RBI was monitoring the situation in the past couple of months and therefore we have a course which is in everybody's interest."

On Thursday, the RBI said 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 Reserve Bank of India, 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.