Because of the limit imposed on the withdrawal of money from YES bank, people got tensed and now since it has been removed, people are withdrawing their money in hurry. On this, the RBI governor Shiktikanta das made a press conference and here are the updates from the same.
1Yes Bank’s revival plan will work: Das
Yes Bank’s identity will be retained as a private sector entity: Das
-Decision on repo rate will be taken in MPC meeting but I don’t rule out anything: Das
We will do every thing that is possible for having the maximum impact- Das
-I want to tell depositors that their money is completely safe. No reason for panic withdrawal or undue worry: RBI Governor on Yes Bank.
-On the Yes Bank issue, RBI’s action has been very swift and action was taken very fast. It is perhaps a record of sorts: Das
-RBI Governor Shaktikanta Das has in the past expressed concern over transmission of interest rates.
-Last week, the RBI had said it will take all necessary measures to ensure that the effects of the COVID-19 pandemic on the Indian economy are mitigated, and financial markets and institutions in India continue to function normally.
-The Sensex lost 2,713.41 points or 7.96% lower at 31,390.07 while the Nifty slumped 757.80 points or 7.61% to close at 9,197.40.
-RBI has already announced a $2 billion injection for the foreign exchange market to support the rupee as it fell to a record low.
-The 10-year bond yield fell 19 basis points, its maximum fall since 9 October 2019, to 6.12% from its previous close of 6.322%. Bond yield and prices moves in opposite direction.