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Perfect-7 / 07 Mar 2020

(Video) Rajya Sabha TV (RSTV) The Big Picture: Yes Bank Crisis

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(Video) Rajya Sabha TV (RSTV) The Big Picture: Yes Bank Crisis

Topic: Yes Bank Crisis

Guest:

  • Vipin Malik, (Former Director, RBI)
  • Sushil Chandra Tripathi, (Former Principal Secretary, Finance, Uttar Pradesh Govt.)
  • Ajay Dua, (Former Secretary, Ministry of Commerce & Industry)

Topic Description:

Reserve Bank of India governor Shaktikanta Das on Friday said that the Yes Bank resolution will be done very swiftly and that 30 days is an outer limit. Late on Thursday evening, the central bank put Yes Bank under moratorium and capped withdrawals at Rs 50,000 per account till further orders. The central bank had taken over the Mumbai-based bank’s board for 30 days amid a serious deterioration in India’s fifth-largest private sector lender’s financial position. The governor said that the decision was at a “larger level” and not at individual entity level. The move is aimed at ensuring safety of the financial system. Das has assured a swift action from the central bank’s end so as to put in place a scheme to revive the Bank. Yes Bank has been facing difficulties ever since new chief executive Ravneet Gill took charge last March and revealed massive stress in the loan book. Significantly, public sector lender SBI along with some other financial institutions have come forward to bail out the bank, according to media reports. PTI also reported that LIC has been asked to team up with the public sector bank for a stake buy.

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Courtesy: RSTV