Yes Bank Depositors’ Money is Absolutely Safe, Reserve Bank Stated

Yes Bank Depositors’ Money is Absolutely Safe, Reserve Bank Stated

Reserve Bank of India (RBI) Governor has stated that, Yes Bank depositors’ money is absolutely safe. Yes Bank moratorium ends today, to resume banking services.

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RBI Governor expressed confidence that the depositors of the bank will remain loyal even as he reiterated that the RBI will offer necessary liquidity support, if required. Depositors’ money is absolutely safe and there is no reason for any undue worry. Depositors need not be in a rush to withdraw. Never in the banking history of India have depositors lost money. The present scheme also protects the interest of depositors.

YES Bank CEO-designate Prashant Kumar said that complete operational normalcy will be restored from 6 PM on Wednesday (18th March, 2020), as he emphasised that there are absolutely no worries about liquidity. In past 3 days, more money came to YES Bank compared to withdrawals as only one-third of customers withdrew Rs 50,000 from their accounts. The moratorium imposed on YES Bank would be lifted on today.

Reinstating confidence in the reconstructed Yes Bank, Rajnish Kumar, Chairman of State Bank of India (SBI) said that SBI will not sell even a single share of the 49% stake it has picked up in the troubled lender. Kumar was flanked by Yes Bank administrator, Prashant Kumar, who will soon become the MD & CEO of Yes Bank and Ashutosh Khajuria, CFO, Federal Bank in a press conference where the three looked to calm fear among depositors of Yes Bank.

The Coronavirus Pandemic has sparked concerns about a fresh surge in bad loans at India’s lenders, and the industry body representing the banks plans to appeal to regulators to provide some reprieve in bad-debt classification.

Digital payment players have got a boost on the back of concerns over coronavirus and the recent advisory by the RBI to use non-cash payment options like NEFT, IMPS , UPI & Bharat Bill Pay. “A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact,” said NPCI.

Gold prices registered a fall due to rupee appreciation and profit booking.  It has turned negative for the year, down 2.24% in dollar terms and up 1.65% in rupee term following sell-off by funds and ETF redemptions by investors. The rate of 10 gram 22-carat gold in Mumbai was Rs 36,535 plus 3% GST, while 24-carat 10 gram was Rs 39,886 plus GST. The 18-carat gold quoted at Rs 29,914 plus GST in the retail market.

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