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Yes Bank crisis HIGHLIGHTS: ED raids Rana Kapoor's Mumbai residence
The Reserve Bank of India has capped withdrawals at Rs 50,000 and imposed strict limits on operations at Yes Bank.
A Yes Bank branch in New Delhi. The private lender has been put under moratorium for 30 days. (Photo: Dalip Kumar)
People's money with Yes Bank is safe, Finance Minister Nirmala Sitharaman said after the central bank on Thursday night took control of India’s fourth-largest private lender, while a rescue plan is devised within 30 days.
Sitharaman spoke to journalists about the Reserve Bank of India's (RBI) draft plan to restructure Yes Bank.
The Reserve Bank of India has capped withdrawals at Rs 50,000 and imposed strict limits on operations at Yes Bank, saying it was forced to step in after the lender's latest effort to raise new capital failed and as the lender “was facing regular outflow of liquidity.”