No need to panic funds of Yes Bank depositors to remain safe CEA Subramanian

After Reserve Bank of India placed Yes Bank under a month-long moratorium, Chief Economic Advisor of India, Krishnamurthy Subramanian, said that depositors’ funds will remain safe, and they need not to panic. While speaking to media persons, Subramanian said, “A move is made to keep safe the deposits of all the depositors. Even Reserve Bank has made it clear that depositors’ money will be safe. I want to assure all depositors that their funds will remain safe, and there is no need to panic. The moratorium is a standard process and it was necessary. Reserve Bank has taken the decision thoughtfully. ” Reserve Bank of India imposed a month-long moratorium on Yes Bank citing ‘serious deterioration in its financial position’ on March 05, and capped withdrawal limit at Rs 50,000.