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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The RBI also superseded the bank’s board and appointed an administrator for the period.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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Punjab Chief Minister Bhagwant Mann, wife Gurpreet Kaur blessed with a baby girl

Mann is the first chief minister in the history of re-organised Punjab to become a father while in office. He is 51 years old.

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Punjab Chief Minister Bhaghwant Mann and his wife Gurpreet Kaur were blessed with a baby girl on Thursday. Mann took to X and posted that the Almighty has given him the gift of a daughter. He said both the mother and the girl are healthy. According to reports the baby was delivered at Fortis hospital Mohali.

Mann is the first chief minister in the history of re-organised Punjab to become a father while in office. He is 51 years old. He has 2 children with his ex-wife, who is now settled in Canada with the 2 children.  

Mann also shared the picture of his daughter in another post. Mann had married Kaur in 2022 after he separated from his first wife in 2015. His wedding was held at his residence in Chandigarh and was attended by select guests like Aam Aadmi Party supremo Arvind Kejriwal, MP Raghav Chadha.

The Punjab chief minister’s family members including his mother and his sister were also part of the wedding, which was carried out according to Sikh rituals. Comedian turned politician Bhagwant Mann became an MP from Sangrur for the first time when he won the 2014 Lok Sabha election on Aam Aadmi Party ticket.

His first wife Inderjit Kaur also campaigned for him during the elections. Before the Punjab assembly election the Aam Aadmi Party declared him as his CM face for Punjab. He won the elections with a thumping victory. Bhagwant Mann is the 17th chief minister of Punjab. Mann’s 2nd wife Gurpreet Kaur, born in 1993, is a doctor by profession and studied MBBS in Ambala. She hails from Pehowa town in Kurukshetra district. According to reports Gurpreet Kaur’s family and Mann’s family have known each other for a long time.

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Dera chief of Uttarakhand’s Nanakmatta Sahib Gurdwara shot dead within premises

Baba Tarsem Singh was hurried to a hospital in Khatima where he died during treatment.

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Dera chief of the Nanakmatta Sahib Gurudwara in Uttarakhand was shot dead within the premises of the shrine by two bike-borne assailants on Thursday. A CCTV footage showed the brutal killing of the dera chief of the Nanakmatta Sahib Gurdwara.

The footage shared by news agency PTI shows the dera chief sitting on a chair at around 6:30 am in the premises when two bike-borne assailants arrived and fired at him. Udham Singh Nagar, SSP, Manju Nath asserted that Baba Tarsem Singh was hurried to a hospital in Khatima where he died during treatment.

Notably, the Nanakmatta Sahib Gurdwara is a revered Sikh shrine situated on the Rudrapur-Tanakpur route in Udham Singh Nagar district of the state. Reportedly, the Uttarakhand Police has formed a special investigation team (SIT) to investigate the chilling murder. 

Furthermore, additional police personnel have been deployed in the Nanakmatta area of Udham Singh Nagar district to ensure peace. The police have also appealed to the Sikh community to maintain peace. The Police officials have also contacted central agencies to share useful input, and a massive search operation is underway to nab the culprits.

Uttarakhand Director General of Police (DGP) Abhinav Kumar said that they received information around 7 am on Thursday that between 6:15-6:30 am, two masked assailants entered Nanakmatta Gurdwara and shot Kar Seva Pramukh Baba Tarsem Singh. He added that the Dera chief was rushed to the hospital in Khatima, where he succumbed to his injuries.

The DGP mentioned that this is a very serious matter and that senior officials have reached the spot. He affirmed that DIG Kumaon will inspect the scene of the crime and speak to the locals. Furthermore, he will try to assess the situation there. Abhinav Kumar also mentioned that for investigation of the incident, Police Headquarters has formed an SIT, which will comprise officials of STF and local Police.

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US reiterates its call for fair, transparent, legal process for Delhi CM Arvind Kejriwal, speaks on Congress frozen accounts

The US spokesperson said that they are also aware of the Congress party’s allegations that tax authorities have frozen some of their bank accounts in a manner that will make it challenging to effectively campaign in the upcoming elections.

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A day after India summoned an US diplomat over their remarks on the arrest of Delhi Chief Minister Arvind Kejriwal in the liquor policy case, the US reiterated its call for fair, transparent, timely legal processes on Wednesday.

Responding to questions on India summoning Gloria Berbena, the US Acting Deputy Chief of Mission in New Delhi, US State Department spokesperson Matthew Miller said that they will continue to follow these actions closely, including the arrest of Delhi Chief Minister Arvind Kejriwal. Notably, the meeting at the foreign ministry’s South Block office lasted nearly 40 minutes yesterday with India objecting strongly to the US remarks on the arrest of Arvind Kejriwal.

Matthew Miller also responded to a question on the Congress party’s frozen bank accounts. The US spokesperson said that they are also aware of the Congress party’s allegations that tax authorities have frozen some of their bank accounts in a manner that will make it challenging to effectively campaign in the upcoming elections. He added that the US encourages fair, transparent and timely legal processes for each of the issues.

Arvind Kejriwal was arrested last week by the Enforcement Directorate (ED) in connection to the Delhi liquor policy scam. Earlier, AAP leaders Manish Sisodia, Satyendar Jain and Sanjay Singh were arrested in the same case.

The External Affairs Ministry had earlier stated that states are expected to be respectful of the sovereignty and internal affairs of others, and this responsibility is even more so in case of fellow democracies, adding that it could otherwise end up setting unhealthy precedents.

The Ministry further emphasized that India’s legal processes are based on an independent judiciary which is committed to objective and timely outcomes. It mentioned that casting aspersions on India’s legal procedure is unwarranted.

The United State’s remarks followed days after Germany’s Foreign Office stressed that Delhi CM Arvind Kejriwal is entitled to a fair and impartial trial. The Indian government labelled their remark as blatant interference in internal matters.

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