Yes Bank crisis News LIVE Updates: Yes Bank Share Price Yes Bank Withdrawal Limit RBI Moratorium

Yes Bank Crisis LIVE Updates: 'Depositors' Money Is Safe,' Says Finance Minister Sitharaman

Yes Bank News LIVE: RBI imposed restrictions on Yes Bank on Thursday

Yes Bank shares tanked heavily on Thursday morning, a day after the Reserve Bank of India (RBI) superseded the beleaguered private lender's board and imposed a withdrawal limit of Rs 50,000 for a period of one month. The bank's stock lost as much as 85 per cent to Rs 5.65 in intra-day trade. Meanwhile, RBI governor Shaktikanta Das has said that the central bank has a scheme in place to revive Yes Bank. On Thursday evening, the RBI imposed the restrictions "owing to serious deterioration in the financial position of the Bank". The regulations are part of a moratorium issued by the government which also stayed the "commencement or continuance of all actions and proceedings" against the bank.

Here are live updates on the Yes Bank crisis:

Mar 06, 2020 14:09 (IST)

After Yes Bank Crisis, Maharashtra Shuns Private Banks

Against the backdrop of the Yes Bank crisis, the Maharashtra government has decided to only bank with public sector banks, news agency IANS reported, quoting officials. Instructions to the effect have been issued by Chief Minister Uddhav Thackeray to the concerned departments.

Mar 06, 2020 13:59 (IST)

No Need To Panic On Yes Bank: SBI Chairman

SBI chairman Rajnish Kumar on Friday said there is no need to panic on account of developments in the Yes Bank.

"What's there to panic, no need to panic, all depositors are safe RBI governor has said also, just be patient, everything will be fine," Kumar told reporters, according to news agency IANS.

Mar 06, 2020 13:54 (IST)

Priority To Ensure Depositors Can Withdraw Within Limits: FM Sitharaman
Finance Minister Nirmala Sitharaman on Friday said that the immediate priority is to ensure Yes Bank customers are able to withdraw money within Rs 50,000 cap.

Mar 06, 2020 13:39 (IST)

Depositors' Money Is Safe: Finance Minister Sitharaman
Speaking to the media on Friday, Finance Minister Nirmala Sitharaman on Friday said that the RBI governor has given assurance that Yes Bank depositors' money is safe.

Mar 06, 2020 13:27 (IST)

RBI To Set Things Right In A Week: Sources
Speaking to NDTV, sources close to the finance minister said that depositors should not be concerned about their savings as RBI will be able to address the issue and set things right within a week.

Mar 06, 2020 13:10 (IST)

Bank Stocks Tank, Drag Markets Down
Led by the crisis in Yes Bank, the stocks of other lenders also nosedived into the red on Friday morning. The Nifty Bank index was down down 4 per cent in afternoon trade. Stocks of SBI, the country's largest lender was down more than 6 per cent.

Mar 06, 2020 12:52 (IST)

Interest Of Yes Bank Depositors Will Be Protected: CEA
Chief Economic Advisor Krishnamurthy Subramanian on Friday said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.

Mar 06, 2020 12:48 (IST)

Yes Bank Decision Taken at a "Larger Level": RBI
The decision on Yes Bank was taken at a "larger level" and not at individual entity level, and was aimed at ensuring the safety of financial system, RBI governor said further. The RBI governor also assured, "RBI stands ready to intervene in whatever way required to respond to epidemic challenges".

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