RBI to look into what went wrong at Yes Bank, fix responsibilities: FM

On finding risky credit decisions, the RBI advised change in management, the Finance Minister said

Finance Minister Nirmala Sitharaman on Friday said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities.

Addressing a press conference after the RBI superseded the board of Yes Bank and placed withdrawal restrictions, she said the bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis.

Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said.

On finding risky credit decisions, the RBI advised change in management, she said.

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