New Delhi, March 6 (IANS): Finance Minister Nirmala Sitharaman on Friday said that Reserve Bank of India (RBI) is working towards for early resolution of Yes Bank issue and she is in constant touch with the Governor.

"RBI Governor has assured that there will be no loss to any Yes Bank depositor," she said, adding that the steps taken to take control of the bank is in interest of depositors, bank and the economy.

"I want to assure every depositor's money is safe, and I'm in constant touch with RBI," Sitharaman said, adding she was herself monitoring the situation for couple of months.

She assured the resolution will be found at the earliest and RBI and government are working together on this.

The Minister said she will speak to RBI Governor to see depositors don't face any cash crunch and the priority is safety of the depositors' money and can't give details of the plan.

On Thursday, RBI superseded Yes Bank management and appointed a former SBI chief financial officer as administrator and put a moratorium on withdrawal of deposits for a month capping it at Rs 50,000 crore.

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Comment on this article

smr, Karkala
Sat, Mar 07 2020
Yes Bank’s loan book grew from Rs 1,32,000 crore in FY 2017 to Rs 2,41,000 crore in FY 2019. That is an increase of Rs 1,09,000 crore or 80% in just two years, when most banks were finding it difficult to lend. In just two years, Yes Bank nearly doubled the loan book it had built over the previous 17 years of its existence.
Finance minister Nirmala Sitaraman will do well to answer this question rather than just lazily put all the blame on the previous UPA regime.

1. How did the bank grow its loan book by 80% between March 31, 2017, and March 31, 2019, when the economy was down, credit demand unusually low with no signs of a pick up in private investment?
2. Which corporate clients benefited from Yes Bank’s 80% loan growth?
3. The second, and perhaps more interesting question, is whether these companies made fresh investments or merely used Yes Bank’s funds to keep their older loans from other banks from turning into NPAs?
4. The finance minister must also explain how the overall loan growth of the bank during the full five years of the NDA regime was nearly 400% – from Rs 55,000 crore in FY 2014 to 2,41,000 crore in FY 2019.
5. Which corporate clients benefited from Yes Bank's 80% loan growth? And how were those funds used?
6. Is Modi govt being reasonable or reckless in using LIC to back its ailing public sector?

Life Insurance Corporation in which 80% citizens invested become "Garib ki Joru, Sab ki Bhabhi"—poor man's wife, everybody's sister-in-law. The Bailing out IDBI Bank has cost LIC the massive ₹21,624 crore of capital that LIC infused into the ailing bank last fiscal.The IL&FS bailout has cost the biggest for the insurer, as it would mean taking over a debt of Rs 65,000 crore.
LIC shelled out Rs 12,000 crore to bail out ONGC.

Investment in terminally sick asset breaches people’s trust on LIC. Will this bail out of sick PSB, LIC will be able to pay back on time or will government will restrict the depositors when need?

Jai Hind

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Chandu, Karla
Sat, Mar 07 2020
Madam Finance Minister,
When you and your party will stop blaming Congress. Corrupt or non corrupt, what Congress built in last six decades, has been destroyed in last six years. At least ggod thst now you are not blaming Congress, Gandhi and Nehru, Italy, Raga for latest Corona Virus cases in India.

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Benjamin DSouza, Puttur(omzoor)
Sat, Mar 07 2020
Great news, nothing to worry!!?

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GURKA, MANGALURU
Sat, Mar 07 2020
She nailed all ECONOMY !!!

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James, Bendur
Sat, Mar 07 2020
My question... why SBI did not buy 49% stake on PSB bank. How Tirumala temple withdraw 1300 crores in October??? Who forecasted them the bankruptcy????
There are few more private banks on the list wait and watch.
BJP leading the country into unrecoverable condition.

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mohan, Mangalore
Sat, Mar 07 2020
It is not you making fever to customers..... that's why indira ghandi nationalized all banks and under the control of RBI.... so that if banks fall RBI should have co trial on this...you gober lady not understand this and going to again privatizing banks and lic... so that if banks falls customers loose the mo ey...ifiot and brain less garbage lady..

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moshu, mangaluru
Sat, Mar 07 2020
Govt fail to exercise restraint over "LOAN JIHAD".

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Rakan Rahiman, Mangaluru
Sat, Mar 07 2020
You ask her about the hike in onion price, she will tell you she doesn’t eat “LOT” of onions. You ask her about the Yes Bank crisis, she will blame the opposition.

Let’s just assume depositors money will be safe, but what about the retail investors who are facing loss of more than Rs. 3,300 crore.

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Concerned citizen, Mangalore
Sat, Mar 07 2020
Bhakton ke Ache din continued. HAR HAR MODI GHAR GHAR MODI.

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Krishna Dasa, Udupi,.
Fri, Mar 06 2020
High net worth Non resident Indians & foreign investment agencies have stopped sending Dollars & other foreign currency to India. Foreign Investment in India is completely dried out under present Government watch.

High net worth Indian business persons are moving abroad by purchasing investment visa or by getting in to high dowry marriage with Indian origin Foreign Citizens, while doing so they are defaulting Loans from Indian Banks and taking away all the assets/money.

Today One dollar hit 75 Indian Rupees and soon may reach one hundred rupees per one Dollar. Person with common sense will withdraw all money from Indian Banks and purchase foreign currency/invest in foreign mutual funds/buy gold/or park the money in foreign Banks/or settle abroad.

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Jossey Saldanha, Mumbai
Fri, Mar 06 2020
I wonder if Nirmala Sitharaman has a solution ...

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Kashi, Kota
Fri, Mar 06 2020
Those who dealing with hawala for their business and never enter banks speaking about bank problem

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Joe, Mangalore
Sat, Mar 07 2020
You are absolutely right, neither they read the newspapers (the whistle blowers letter to RBI) they are only educated through what's up university.

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Rahul, Mangalore
Fri, Mar 06 2020
Good news.
First time Finance minister is talking to immediately.
Otherwise defence ministry is replying for finance queries & finance ministry is replying for defence Querrey.

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S Shetty, Tulunaad
Fri, Mar 06 2020
DRAMA of Saala Manna has to stop in India, greedy politicians promise to waveoff the loans to get in power and this shit happens, one can not work hard and earn his bread or not?

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JL, Mangaluru Smart City
Fri, Mar 06 2020
I was expecting the FM to say " I dont keep money in banks".

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Hariprasad, Bajpe/Mangalore
Fri, Mar 06 2020
Mrs. Finance Minister! Congress Party is not ruling NOW - BJP is! This Bank CIRCUS is going on
under your WATCH! Quickly FIX it MADAMJI! your political gain is our PAIN - losing life's savings
is NO FUN - try NOT TO MAKE?CLAIM POLITICAL GAINS!

YOU Keep this up Thousands will lose their life savings - Please protect their assets!
Your skillful blaming congress and DO NOTHING POLICY WILL HURT INDIA and US INDIANS!

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S Shetty, Tulunaad
Fri, Mar 06 2020
That's a good thing from FM

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Mohan Raj, Udupi
Fri, Mar 06 2020
Bakhts are now come out from the cave & expressing their frustration. Ha Ha

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Narendra Kumar, Mangalore
Fri, Mar 06 2020
What is she monitoring by the way now when things are gone bad to worse? A person who has no professional knowledge of finance or economy and secondly our present RBI Governor is a BJP-RSS stooge! Who made him RBI Governor? It's the BJP for their ulterior motives to make him as as RBI Governor when other "Qualified Professionals" had to resign and leave and the whole country is a witness to that. Your NAMO's DEMO and GST both implimented at the dark hours of mid night are paying the rich dividends now. But Bhakts still say Modi hai toh mumkin hai. Today entire world is looking at Modi and India in a different perspective after Delhi's genocide by none other than 2002 Gujrath tango Narendra Modi

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Anil, Dubai
Fri, Mar 06 2020
may be they are giving 15lac to everyone … and closing all the banks ..!!!

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Rolf, Dubai
Fri, Mar 06 2020
Dear Nirmala G. just call for a press conference and inform Sakshi Maharaj to say Pakistan's Bank are closing imran khan is doing nothing our finiance minister won't let our banks to close.
chapter closed Bakath are convinced.

Jai Donold Trump.

DisAgree [5] Agree [58] Reply Report Abuse
Anand, Mangalore
Fri, Mar 06 2020
Banks are no more safe

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Harish Hegde, Mangalore/Saudi Arabia
Fri, Mar 06 2020
You are right, this government as scr...ed up entire economy, cost all the jobs, almost all banks are coming to close maybe soon this government is going to sell India to Pakistan.

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BABU, BARKE - MANGALORE
Fri, Mar 06 2020
You are telling its safe, how to believe this, what's the guarantee,? its the hard worked money which we save for our retirement and living with this small interest. And even that money is not safer in our banks hands.... All are looting banks and running out of india........ people please be clever........

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praveen, mlore
Fri, Mar 06 2020
next is Axis , HDFC, ICICI....

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Monty Dotor, Mangalore
Fri, Mar 06 2020
Yes bank has become No bank

DisAgree [4] Agree [74] Reply Report Abuse
Sahil, Mangaluru
Fri, Mar 06 2020
Sir you forget digital India......

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R.Bhandarkar, Mangaluru
Fri, Mar 06 2020
Safe just like that " PMC Bank " depositors money ?
What nonsense resolution now ?
You speak of privatising PSUs ,divesting stake in L I.C. etc in your budget speeches !
Why SBI take stake in that scam ridden YES bank ??
For whom this TOPI ?We would like some honest answers please.
Not the usual nonsense utterings ..like
Your money is safe ....but your account is not and all such things ...
Just like ....
Operation success
Patient Khallas ...
Nonsense.

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G Veer S, Nagpur
Fri, Mar 06 2020
I am disappointed with your comments. I was expecting you to blame congress dynasty, Nehru dynasty and Gandhi dynasty for one by one banks collapse. In 72 years of congress rule no banks collapsed like now instead new banks were established because of economic progress.

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Joe, Mangalore
Fri, Mar 06 2020
He calls a spade a spade, he is a gentlemen,.

DisAgree [6] Agree [23] Reply Report Abuse
R.Bhandarkar, Mangaluru
Fri, Mar 06 2020
🙏🏾🙏🏾🙏🏾

DisAgree [1] Agree [13] Report Abuse
Sahil, Mangaluru
Fri, Mar 06 2020
Madom debit what comes in credit what goes out but last seven years you all lured it in opposite direction.......

DisAgree Agree [29] Reply Report Abuse
R.Bhandarkar, Mangaluru
Fri, Mar 06 2020
I too am.
For I am not a political analyser like you trying to score some points,when scores of depositors are in distress.The main issue is to sort out this mess and not issue generalised statements.
The management and crooks responsible should be brought to book and stripped of their booty looted from the common man.

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Alfria, Mumbai/Mangalore
Fri, Mar 06 2020
Nirmalaji has already blamed congress for the collapse of yes bank.

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GURKA, Mangaluru
Sat, Mar 07 2020
Some of the people might be surprised about these people doesnt know how many zero in Trillion ! They just lie on public platform and so on ! worst thing is the PAID Media is supporting them which suppose to be one of the pillar of constitution ! I dont understand why they are touching the BANKING system which was never happend and all of sudden they wants to hide some mistakes done by GUJJU banks to be covered by our DAKSHINA KANNADA banks ??? Is that the solution right now ! no other options !

Beauty of this revaluation is no one is raising their concern specially those working in the BANKS itself !

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Yes Bank depositors' money safe, RBI working on resolution - Nirmala Sitharaman

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Comment on this article

smr, Karkala

Chandu, Karla

Benjamin DSouza, Puttur(omzoor)

GURKA, MANGALURU

James, Bendur

mohan, Mangalore

moshu, mangaluru

Rakan Rahiman, Mangaluru

Concerned citizen, Mangalore

Krishna Dasa, Udupi,.

Jossey Saldanha, Mumbai

Kashi, Kota

Joe, Mangalore

Rahul, Mangalore

S Shetty, Tulunaad

JL, Mangaluru Smart City

Hariprasad, Bajpe/Mangalore

S Shetty, Tulunaad

Mohan Raj, Udupi

Narendra Kumar, Mangalore

Anil, Dubai

Rolf, Dubai

Anand, Mangalore

Harish Hegde, Mangalore/Saudi Arabia

BABU, BARKE - MANGALORE

praveen, mlore

Monty Dotor, Mangalore

Sahil, Mangaluru

R.Bhandarkar, Mangaluru

G Veer S, Nagpur

Joe, Mangalore

R.Bhandarkar, Mangaluru

Sahil, Mangaluru

R.Bhandarkar, Mangaluru

Alfria, Mumbai/Mangalore

GURKA, Mangaluru

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Title: Yes Bank depositors' money safe, RBI working on resolution - Nirmala Sitharaman

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