Yes Bank crisis: Nirmala Sitharaman assures employment, salaries for at least a year

Mar 06, 2020

New Delhi, Mar 06 (ANI): Finance Minister Nirmala Sitharaman assured employment and salaries for at least one year at Yes Bank. “Our government is committed to ensure that depositors' interests are safeguarded. I want RBI to ensure that due process of law is set to roll with a sense of urgency so that we should find out as to who led to the problem of this size and magnitude and more importantly, employment and salaries assured for at least one year,” Finance Minister said in a press conference in New Delhi. RBI has assured that the reconstruction plan will come into play within the moratorium period, SBI has expressed willingness to invest in Yes Bank. Since 2017, RBI has been continuously monitoring and scrutinizing Yes Bank. It noticed that there were governance issues and weak compliance in the bank. There was a wrong asset classification together with risky credit decisions. In March 2019, investigative agencies, Securities and Exchange Board of India (SEBI) noticed malpractices by top executives, informed Finance Minister during the press conference.