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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The RBI also superseded the bank’s board and appointed an administrator for the period.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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Nitish Kumar’s son Nishant among 32 inducted in Bihar cabinet expansion

Nishant Kumar entered the Bihar cabinet for the first time as 32 ministers from NDA allies took oath in a major expansion of the state government.

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Bihar government cabinet

A major cabinet expansion took place in Bihar on Thursday, with 32 leaders from the ruling NDA alliance inducted into the state government. Among the prominent names was Nishant Kumar, son of former Bihar chief minister Nitish Kumar, who entered the cabinet for the first time.

The expansion included representatives from all major NDA allies in the state. According to reports, the BJP secured 15 ministerial berths, while JD(U) got 13 positions. Two ministers were inducted from Lok Janshakti Party (Ram Vilas), while Hindustani Awam Morcha and Rashtriya Lok Morcha received one berth each.

The oath-taking ceremony was held in Patna in the presence of senior NDA leaders, including Prime Minister Narendra Modi, Union Home Minister Amit Shah and Defence Minister Rajnath Singh.

Nishant Kumar’s induction comes weeks after he formally entered active politics. His entry into the Bihar cabinet is being viewed as a significant development for JD(U), which had long projected an anti-dynasty image under Nitish Kumar’s leadership.

The cabinet reshuffle follows Nitish Kumar’s move to the Rajya Sabha earlier this year and the formation of the government led by Chief Minister Samrat Choudhary.

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PM Modi marks Operation Sindoor anniversary, calls it India’s firm stand against terrorism

PM Modi said Operation Sindoor showcased India’s firm response against terrorism while paying tribute to the armed forces on the operation’s first anniversary.

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PM Modi

Prime Minister Narendra Modi on Thursday said Operation Sindoor demonstrated India’s firm response against terrorism and highlighted the country’s commitment to national security.

Marking one year of the operation, the Prime Minister praised the courage, precision and professionalism of the Indian armed forces. He said the military action was carried out in response to the Pahalgam terror attack that had claimed the lives of 26 civilians in 2025.

Operation Sindoor was launched on May 7, 2025, as a calibrated tri-services operation targeting terror infrastructure linked to cross-border terrorism. Reports said the operation showcased coordinated action by the armed forces and was seen as a major counter-terror response by India.

On the anniversary of the operation, PM Modi also changed the display pictures across his social media platforms, including X, Facebook, Instagram and WhatsApp. The image carried the text “Operation Sindoor” along with the Indian tricolour design.

The Indian Air Force also shared visuals and messages recalling the operation and highlighting India’s military response. A video released by the force described the operation as a strong message against terrorism and referred to the precision strikes carried out during the mission.

Operation Sindoor was launched following the Pahalgam terror attack, after which India carried out strikes on terror camps in Pakistan and Pakistan-occupied Kashmir, according to official statements and reports published at the time.

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Vijay meets Tamil Nadu Governor again as TVK pushes to prove majority

TVK chief Vijay held another meeting with Tamil Nadu Governor Rajendra Vishwanath Arlekar as the party intensified efforts to secure majority support after emerging as the single-largest party in the Assembly elections.

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Actor vijay

Actor-turned-politician Vijay met Tamil Nadu Governor Rajendra Vishwanath Arlekar again on Thursday as his party, Tamilaga Vettri Kazhagam (TVK), continued efforts to prove it has enough support to form the next government in the state.

TVK emerged as the single-largest party in the 234-member Tamil Nadu Assembly after winning 108 seats, but it remains short of the majority mark of 118.

The Congress has extended support to TVK, adding five MLAs to Vijay’s side. However, the alliance still needs additional backing from other parties or independents to comfortably cross the halfway mark.

According to reports, the Governor has not yet been fully convinced that TVK currently has the required numbers to form a stable government. This has delayed clarity over the swearing-in ceremony and the formal invitation to form the government.

Political activity intensified after reports emerged that some AIADMK legislators were moved to a resort in Puducherry amid speculation over possible support to TVK. AIADMK leaders, however, publicly denied any internal crisis.

TVK sources have expressed confidence that the party will be able to demonstrate majority support during discussions with the Governor.

The Tamil Nadu election results marked a major political shift in the state, with TVK breaking the long-standing dominance of the DMK and AIADMK in its first Assembly election contest.

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