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Yes Bank Crisis: RBI imposes restrictions on YesBank, assures shareholders “No need to panic”

You would be shocked to know that the Reserve Bank of India (RBI) has imposed restrictions on Yes Bank as its shares have fallen sharply on the stock market. After the restrictions, account holders of Yes Bank would be able to withdraw up to Rs 50,000 till April 3.

Referring to this issue as a serious concern Finance Minister Nirmala Sitharaman said that governance issue at Yes Bank is a matter of concern. “It is not that the Yes Bank matter has come up yesterday or today; I would like to place it on record that RBI has been consistently monitoring situation since 2017,” said the Finance Minister.

The Finance Minister asked the RBI to look into the matter going on in Yes Bank and asked the RBI to take prompt action so that due process of law takes course with a sense of urgency, Ms Sitharaman added.

The RBI has been monitoring the situation for a long time to know what actually went wrong at the bank. Yes Bank is now going through a crisis. The Finance Minister, on the other hand, said that Investors and Customers do not need to worry about their funds. “Their funds in Yes Bank are safe”, said Sitharaman

Now, Yes Bank is looking forward to offering 49% of its shares to SBI. SBI, on the other hand, has accepted its offer. “State Bank of India has expressed its willingness to make an investment in Yes Bank Ltd. and participate in its reconstruction scheme,” says the RBI draft circulated amongst the public and various other stakeholders.

Crisis in Yes Bank took its shareholders by shock as they have suffered huge losses in trade on Friday after the central bank imposed a withdrawal limit of Rs 50,000. After being scared of the crisis, Yes Bank account holders rushed to various branches across the country to withdraw money from their bank accounts. 

Written by Dharam Sikarwar

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