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Nirmala Sitharaman Responds On Yes Bank Crisis:- Yes Bank crisis created a sensation across the country and the subscribers are left in a panic with the shocking announcement made by the Reserve Bank of India (RBI). Finance Minister Nirmala Sitharaman responded about the crisis of Yes Bank saying that this did not start in a day. She said "We kept an eye on Yes Bank from 2017. RBI made a promise that they would find the best resolution at the earliest for Yes Bank". Nirmala Sitharaman made these comments during his press conference today evening.
"RBI recommended about Yes Bank after scrutiny that took place in 2018 that the current leadership cannot continue. A new CEO was taken in September 2018. The cleaning of the bank started a couple of years ago. Rs 1 crore was levied as fine on Yes Bank. Sebi started investigating about the matter since September 2019 about the inside trading. They did not get investors during this tough time. RBI had to step in to protect the interests of the depositors. The employment would be protected for a year " said Nirmala Sitharaman.