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  • 5:08 PM IST
    Yes Bank Crisis: Employment and salary assured at least for one year, says FM
  • 5:08 PM IST
    Yes Bank Crisis: Deposits and liabilities will continue unaffected as before, says FM
  • 5:06 PM IST

    Yes Bank Crisis: SBI has expressed interest in investing in Yes Bank, says finance minister

  • 5:04 PM IST

    Yes Bank Crisis: Identify and probe the roles of individuals leading to this crisis, FM to RBI

  • 4:59 PM IST

    Yes Bank Crisis: Investigative agencies, too, found malpractices indulged by chairman-level people

  • 4:58 PM IST
    Yes Bank Crisis: It has been under the same management since 2004. After its culture of weak compliance was noticed, the RBI started taking steps.
  • 4:57 PM IST

    Yes Bank Crisis: The RBI has been monitoring the activities of Yes Bank since 2017

  • 4:46 PM IST

    Yes Bank Crisis: Maharashtra CM Udhav Thackeray has instructed chief secretary to ensure govt funds are deposited only in nationalised banks & not private lenders, says Deputy CM Ajit Pawar

  • 4:11 PM IST

    Yes Bank Crisis: Markets at a five-month low owing to Yes Bank crisis

New Delhi: Former Congress president Rahul Gandhi has attacked the Narendra Modi-led government after the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank. “No to Yes Bank, Modi and his ideas have destroyed India’s economy”, tweeted the Congress leader. Also Read - After Urging Nation, PM Modi Lights up Lamp to Ramp up Collective Fight Against COVID-19

Earlier on Thursday, Yes Bank was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The move by RBI came nearly six months after it did the same with Mumbai based Punjab and Maharashtra Cooperative (PMC) bank. Also Read - 9 Minute, 9 PM: Netizens Light Earthen Lamps, Candles, Burst Crackers, Trend #9baje9minute

Following which the bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI. Also Read - At 9 PM For 9 Minutes, Candles Burn Bright as People Turn Off Lights, Unite to Fight Coronavirus Together

Meanwhile, account holders rushed to ATMs after the withdrawal limit was capped.

Defending the timing of Yes Bank’s moratorium, RBI governor Shaktikanta Das has assured swift resolution to the issues concerning the beleaguered lender.

The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI, Das told reporters here.

The decision on Yes Bank was taken at a larger level, not only to deal with the problem in an individual entity, but also to maintain stability and resilience of the Indian financial and banking sector, he said.

Let me assure you that our banking sector continues to be sound and safe,” Das said, adding that RBI was ready to effectively deal with the challenge ahead.