RBI Governor says Yes Bank moratorium to be lifted on Wednesday

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday announced that the moratorium on Yes Bank will be lifted on Wednesday, March 18, 2020.

The central bank governor said that swift action has been taken by the government and central bank to resolve Yes Bank crisis and also assured that the depositor's money in the struggling private sector lender is safe.

He also said that in case of requirement, RBI is also willing to provide liquidity support to Yes Bank.

Speaking about the decision on a potential interest rate cut owing to economic and market meltdown, Das ruled out a rate cut during Monday's press conference and said that only the central bank's monetary policy committee (MPC) will take a decision on it in its upcoming meeting after assessing the impact of the coronavirus.

(INputs and image from theindianexpress.com)