Yes Bank depositors' money safe; moratorium to be lifted on 18th, says RBI Governor Shaktikanta Das

The Yes Bank moratorium will be lifted on Wednesday evening, Reserve Bank of India Governor Shaktikanta Das announced on Monday afternoon. In a press conference, the RBI governor said that swift action has been taken by the Central Bank and Government of India on the matter. He re-assured depositors that their money is safe and they have no reason to worry.

"Swift action has been taken by the RBI and Govt of India. The lifting of moratorium will be on Wednesday, 18th March at 6 pm," the RBI governor said, while adding, "I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry. There is no reason for any undue worry."

Das said that the new Board will assume its position and the office of the administrator will cease to exist on 26th of March.

"Yes Bank depositors' money fully safe and secure; bank's identity to be retained as a private sector entity. Health of banks, including small private sector lenders, is good; Yes Bank is under robust revival plan," he said.

WATCH | Zee Business TV LIVE Streaming Online

Speaking on coronavirus, the RBI governor said that more than 100 cases have been confirmed in India so far and efforts are being taken by the government to deal with it. He said that impact could be seen on trade channels that are dependent on China. "India is not immune to this pandemic, already more than 100 cases have been reported. Effort are being mounted by the govt on war-footing. COVID19 could impact India directly through trade channels, in which exposure to China is really high," Das said.