Yes Bank depositors' money safe: Chief economic advisor

PTI  | Deccan Chronicle

Business, Companies

All cash outgoes will be within the Rs 50,000 limit for Yes Bank depositors

Account holders stand in a queue to withdraw money from Yes Bank at Vashi in Navi Mumbai on friday, March 6, 2020(PTI photo)

New Delhi: Chief Economic Advisor Krishnamurthy Subramanian on friday said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.

His remarks come a day after the cash-starved lender was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board with immediate effect.

The RBI has taken right steps. Yes Bank depositors' money is safe
Krishnamurthy Subramanian,  Chief Economic Advisor

Asserting that the interest of Yes Bank customers will be protected, Subramanian said alloptions are under consideration for restructuring Yes Bank.

With the RBI superseding Yes Bank board, the troubled lender will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

The board of country's largest lender State Bank of India has given “in-principle” approval to invest in Yes Bank.

Yes Bank has been struggling to execute a capital raising plan for the last six months while its core equity tier-I ratio has slipped to 8.7 per cent as of September. The bank has also delayed its December quarter results.