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Govt committed to ensure depositors’ interests are safeguarded, says Nirmala Sitharaman as RBI caps withdrawal at Rs. 50,000

Minister of Finance and Corporate Affairs Nirmala Sitharaman today assured Yes Bank depositors that their money is safe and the  Reserve Bank of India (RBI) is working towards for an early resolution of the Yes Bank issue

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Finance Minister Nirmala sitharaman

Minister of Finance and Corporate Affairs Nirmala Sitharaman today assured Yes Bank  depositors that their money is safe and the government and Reserve Bank of India (RBI) is  committed towards ensuring that depositors’ interests are safeguarded.

“Our govt is committed to ensuring 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 & magnitude,” said the Minister.

Sitharaman has guaranteed Yes bank depositors, stating that their deposits, liabilities will not be affected.

“I have asked RBI to ago into assessing what has caused these difficulties for the bank and clearly identify the roles played by various individuals in creating the problem and not addressing it,” Sitharaman added.

“The immediate priority is to ensure Yes Bank customers are able to withdraw money within ₹50,000,” said Sitharaman.

Sitharaman has asked the RBI to assess the difficulties faced by the bank and to identify the roles played by various individuals in creating the problem.

According to Sitharaman, the RBI has been continuously monitoring & scrutinizing Yes Bank since 2017. “It noticed that there were governance issues and weak compliance in the bank. There was a wrong asset classification together with risky credit decisions,” she added.

The RBI also announced a scheme of reconstruction of Yes bank.

 

RBI has assured that the reconstruction plan will come into play within the moratorium period. The State Bank of India has also shared its willingness to invest in Yes Bank.

The RBI on Thursday  placed Yes Bank under a moratorium and restricted withdrawal from the capital-starved bank at Rs 50,000 in the next one month. This restriction will remain in place till April 3, 2020.

The RBI also superseded the bank’s board and appointed an administrator for the period.

In a statement late on Thursday, the regulator said it was forced to step in after Yes Bank’s latest effort to raise new capital failed to materialize and as the lender “was facing regular outflow of liquidity.”

This decision has affected the stocks as shares of Yes Bank on Friday plunged by almost 25 per cent on the Bombay Stock Exchange at Rs 27.65.

On the National Stock Exchange, Yes Bank shares dropped by 20 per cent to Rs 29.45.

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Congress meet: Mallikarjun Kharge and Rahul Gandhi discuss key reforms for district units

Congress top leadership met to strategize on strengthening district committees, with key proposals including consultation on political matters, a five-year term for DCC presidents, and election restrictions.

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Congress, Mallikarjun Kharge, Rahul Gandhi, district Congress committees, DCC reforms, Congress meeting, political strategy

In a high-level meeting, Congress President Mallikarjun Kharge and senior party leader Rahul Gandhi engaged with the party’s general secretaries and state leadership on Tuesday to explore measures for strengthening the District Congress Committees (DCCs).

According to sources, the discussions revolved around a report prepared by senior leader Mukul Wasnik, which outlined strategies for empowering DCCs and improving their role in the party’s organizational framework.

Proposed measures to strengthen DCCs

The report suggested several structural reforms, including:

Consultation on key issues: Involving DCCs in significant political decisions to enhance their influence.

Fixed tenure for leadership: Granting DCC presidents a five-year term for stability and continuity.

Election restrictions: Prohibiting DCC chiefs from contesting elections for at least three years after assuming the role.

These recommendations aim to reinforce grassroots leadership and ensure the committees play a more decisive role in shaping party strategies.

Key attendees at the meeting

Along with Mallikarjun Kharge and Rahul Gandhi, several senior Congress leaders participated in the discussion. The meeting saw the presence of general secretary (organisation) K.C. Venugopal, party treasurer Ajay Maken, and general secretaries including Bhupesh Baghel, Priyanka Gandhi Vadra, Jairam Ramesh, Randeep Surjewala, and Sachin Pilot, among others.

This initiative comes as part of Congress’ broader efforts to rejuvenate its organizational structure ahead of upcoming political challenges. Strengthening district-level leadership is expected to play a crucial role in the party’s revival and electoral strategy.

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Nagpur violence: Aaditya Thackeray says BJP wants to make Maharashtra next Manipur

BJP MLA Pravin Datke also visited the affected neighbourhoods, emphasizing the premeditated nature of the violence, and noting targeted attacks on specific shops and stalls.

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Shiv Sena (UBT) leader Aaditya Thackeray on Tuesday lashed out at the BJP government in Maharashtra, led by Chief Minister Devendra Fadnavis, for its handling of recent violent incidents in Nagpur. Thackeray drew a troubling parallel between Maharashtra and the violence-stricken state of Manipur, suggesting that the state is on a similar path.

In a press conference, Thackeray questioned the Chief Minister’s Office (CMO) regarding its lack of response to spreading rumours of impending violence. “Why did the CMO not react when reports of unrest started circulating? The Chief Minister and the Home Department should be the first to know about such threats. Did they have no information? It seems like the BJP is intent on turning Maharashtra into the next Manipur,” he contended.

He also took the opportunity to discuss economic progress, comparing India unfavourably to Vietnam, which, despite being smaller and less populous, has a thriving electronics sector. Thackeray lamented the ongoing violence in Manipur since 2023, questioning the prospects for investment and tourism under such conditions.

“While violence persists in Manipur, Maharashtra risks experiencing a similar fate. We must consider the progress countries like Vietnam have made, showcasing what we could achieve if we were not mired in conflict. The BJP seems bent on dividing our nation along lines of caste and religion,” he remarked.

The violence in Nagpur, which has led to curfews and increased tensions, was characterized by Chief Minister Fadnavis as “a well-planned attack.” He attributed the unrest to protests by the Vishwa Hindu Parishad (VHP) and Bajrang Dal, which were sparked by rumours of the desecration of religious items. “No one has the right to disrupt law and order,” he declared.

Fadnavis reported several injuries among police officers, including a Deputy Commissioner of Police attacked with an axe. Prohibitory orders were enacted in 11 police stations, and multiple FIRs were recorded in response to the incidents. “We will not tolerate attacks on law enforcement officials,” he stated firmly.

As tensions continued to escalate, the Maharashtra assembly witnessed protests from opposition leaders, demanding action regarding Aurangzeb’s tomb, which they see as a catalyst for recent violence. Both sides exchanged heated accusations, with the ruling alliance branding individuals who glorify Aurangzeb as “traitors.”

BJP MLA Pravin Datke also visited the affected neighbourhoods, emphasizing the premeditated nature of the violence, and noting targeted attacks on specific shops and stalls.

In light of the unrest, a curfew has been implemented in various parts of Nagpur under the authority of the Bhartiya Nagarik Suraksha Sanhita, aimed at restoring order amidst the rising tensions. This curfew will remain enforced until further notice, affecting numerous police station jurisdictions across the city.

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Rahul Gandhi hails Revanth Reddy govt after Telangana Assembly passes bills to increase OBC reservation to 42%

The Assembly also passed the Telangana Scheduled Castes (Rationalisation of Reservations) Bill, 2025, which seeks to categorize Dalits into three groups for reservations in education and employment.

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Leader of Opposition in Lok Sabha Rahul Gandhi on Tuesday hailed the Revanth Reddy government after the Telangana Assembly passed two bills to increase reservations for Other Backward Classes (OBCs) to 42%. He described the move as “revolutionary” and reiterated the Congress party’s commitment to conducting a nationwide caste census to ensure social justice.

In a post on X, Gandhi stated, “The Congress government has fulfilled its promise of increasing OBC reservations in Telangana. By accepting the actual number of OBCs through a scientific caste count, the state has passed a bill for 42% reservation to ensure their equal participation in education, employment, and politics. This is a revolutionary step towards social justice, breaking the 50% reservation cap in the state.”

He emphasized the importance of a caste census, saying, “By analyzing the social and economic conditions of each community using caste survey data, policies can be formulated to ensure the well-being of all. The Telangana government has also formed an independent expert group for this purpose. I have consistently maintained that only through an X-ray—i.e., a caste census—can backwards and deprived communities secure their rightful due.”

Gandhi asserted that Telangana has set an example for the entire country. “Caste census will definitely happen in India, and we will ensure it,” he declared.

Congress Rajya Sabha MP Pramod Tiwari also praised the move, stating, “Telangana has a very intellectual Chief Minister. We fully support the steps being taken in this direction.”

The Telangana Assembly on Monday passed two bills—the Telangana Backward Classes (Reservation of Seats in Rural and Urban Local Bodies) Bill, 2025, and the Telangana Backward Classes, Scheduled Castes, and Scheduled Tribes (Reservation of Seats in Educational Institutions and of Appointments or Posts in Services under the State) Bill, 2025. These bills aim to increase OBC reservations in education, employment, and local bodies to 42%, fulfilling a key campaign promise based on the recently concluded caste survey.

The Assembly also passed the Telangana Scheduled Castes (Rationalisation of Reservations) Bill, 2025, which seeks to categorize Dalits into three groups for reservations in education and employment.

Chief Minister Revanth Reddy hailed the move as historic, stating, “It is my honour to announce the fulfilment of the long-pending demand of subaltern groups since Indian Independence—the recognition of backward castes through an official census. We are now ensuring 42% reservations for OBCs in all walks of life—education, jobs, and political representation.”

Currently, Telangana’s reservation matrix allocates 29% for OBCs in education and employment, 23% in local bodies, and 15%, 6%, and 10% for Scheduled Castes, Scheduled Tribes, and Economically Backward Classes, respectively.

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