'Destroying economy & social fabric': Digvijaya Singh slams Centre over Yes Bank crisis

Senior Congress leader Digvijaya Singh on Saturday took a jibe at the BJP-led central government over the Yes Bank crisis. Taking to the microblogging site, Singh said that Prime Minister Narendra Modi and Home Minister Amit Shah have put maximum banks in our country under restrictions. Calling them a lethal combination, he also accused PM Modi and Shah of destroying the economy and the social fabric of India.

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'Their money is safe'

Issuing her first statement on the Yes Bank crisis, Finance Minister Nirmala Sitharaman on Friday assured the depositors that all their money is safe. She said that she is in constant touch with the Reserve Bank of India and a resolution will be found soon. The Finance Minister added that she has been personally monitoring the situation for the past couple of months along with the RBI.

Speaking to the reporters outside Parliament, the FM Sitharaman said, "I am in continuous interaction with the RBI. The RBI has assured that they will give a quick resolution. I also want to assure every depositor that their money shall be safe. Their money is safe. I am constantly in touch with the Reserve Bank and the steps they have taken are in the interest of the depositors, the bank and the economy."

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In a massive development, sources reported that Enforcement Directorate (ED) on Friday carried out searches at Yes Bank founder and former MD-CEO Rana Kapoor at his residential premises in Mumbai's Samudra Mahal. Sources also reported that a case of Prevention of Money Laundering Act, 2002 (PMLA) has been registered against him. The ED is the only central agency to have registered a case against Kapoor till now. 

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RBI takes over Yes Bank for 30 days

On Thursday, RBI appointed former SBI CFO Prashant Kumar as the administrator for Yes Bank and imposed a moratorium on the troubled lender capping its withdrawals at Rs 50,000, for a period of 30 days. The RBI stated that the decision was taken to a serious deterioration in the financial position of the bank and has been done to restore depositors' confidence in the bank. Yes Bank has also cancelled all fund withdrawal requests made by clients to their Yes bank accounts and its stocks lost more than half its value.

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