Yes Bank Moratorium To Be Lifted On March 18 At 6 PM': RBI Guv Shaktikanta Das

 RBI-Guv Shaktikanta Das

            

        The lifting of moratorium is taking place three after three working days of putting the final scheme in you know after notification of the final scheme and that will be on that will be on witness day 18th March at 6:00 p.m. the moratorium gets lifted and the new board as you would be aware from the notification the new board will assume its position and the administrator will the office of the administrator will cease to exist on 26th of March so as you can see this has been a very Swift and fast action perhaps a record of a sort with regard to the scheme which restructuring scheme which has been notified by.

 The government I would like to say that it is a very credible and sustainable restructuring plan we do believe it is credible and it will sustain in the years to come it is also an instance perhaps the first of its type it is also an instance of public/private partnership for revival of a private sector bank apart from the State Bank of India you have leading private sector banks which are major stake holders in the banking sector both the public sector public sector segment led by the stream Bank of India and major private sector players major private sector banks have joined hands to revive the yes bank and to put take the restructuring scheme forward in that way also it is perhaps in the first of its type and in India on earlier occasions whenever there was failure of a senior commercial bank the usual method has been amalgamation of the failed bank with a larger entity this time we have not done so this time the identity of 

the yes bank the bank which is in difficulty the identity of that Bank is retained and the investors are the banks which have come forward so the participation of private sector banks in particular demonstrates the confidence of major players in the banking sector in the revival plan so that is therefore in this background I would like to state a point which

 I have said earlier which we had told in our press note also earlier that the depositors money is absolutely safe you take this opportunity through you to convey to all the depositors of yes bank that their money their deposits with the ES Bank are completely safe and there is no reason for any undue worry or there is no need for rushing into withdrawing their deposits or their money which is with the yes Bank their money is safe in India if you go by history never in the history in the banking history of India yes in acid old commercial bank the depositors have never lost money their interest have always been protected the present scheme also protects if interest of the depositors so 

I once again reiterate that the depositors need not worry their money is safe after 6 p.m. on witness day which is 18th of March they can draw their money but there is absolutely no reason for them no need for them to go for panic withdrawal or for getting unduly worried their money continues to be safe I am again and again saying this because this is very important and the whole scheme the the the underlying theme the main point on which the scheme is based on is to protect the interest of the depositors and I also like to say that two more points especially in the light of you know action by certain authorities especially at the state level to you know taking decision to withdraw money from private sector banks the Reserve Bank of India from RBI we have written to all state ments impressing upon them that the Indian banking sector is sound and safe an Indian banking sector includes the private sector banks we have specifically indicated that the health of the banking sector including the private banking sector is sound and safe and therefore there is no reason for state government authorities to withdraw deposits or to take deposits or to keep away from the private sector banks private sector banks are an important component of our banking sector and therefore it would be necessary that in the interest of financial stability in the interest of banking stability that the various authorities both at the central and at the state government level they continue their confidence on the private sector banks I am also happy to note that during 

all these months when there were stories about yes bank having increasing difficulty large number of depositors of yes Bank have remained loyal and they are still with the yes bank I do expect and appeal to them to continue their confidence and loyalty to the yes bank and you have the big names of Indian banking sector which are there participating in the revival plan for revival of the yes Bank and there we have also I think the the one next point I would like to mention is that the yes Bank you know the has enough liquidity to meet any requirement if I repeat if there is a requirement the

 Reserve Bank will provide necessary liquidity support - yes bank to meet its requirements if such a requirement arises so that is a comforting factor for the depositors that the Reserve Bank will support the yes Bank which liquidities if it is required and we are quite at this point of time our interaction which the investing banks the State Bank and the other private sector banks our interaction with gives us the confidence that the revival of ES Bank will work out it's a sound revival plan and it's a robust revival plan so before

 I conclude this part relating to s bank I would again reiterate the depositors to remain confident that their money is safe.