Hyderabad, Mar 7 (GCBusiness) In order to protect the interest of the depositors and bank’s clients, YES Bank should be immediately brought under the public sector, All India Bank Employees’ Association (AIBEA) on Saturday said.
In a release, AIBEA General Secretary Ch Venkatachalam said, one by one private banks, which are being glorified by the Government, are failing. ‘It is high time that the Government should take a call and repeat 1969 – all the private Banks should be brought under public sector’. People’s Money for People’s Welfare and not for private loot, he added.
Similarly, he said, it is important to keep in mind that Banks deal with public money and hard-earned public savings. ‘If Banks mishandle and mismanage the Banks, criminal action should be taken on the top officials of the Bank, including YES Bank, who are responsible for the same and severe punishments should be awarded. They should not be let loose just like that’.
The Reserve Bank of India on Thursday imposed a moratorium on YES Bank, restricting the withdrawal of deposits to Rs 50,000 for a period till April 3, 2020. Any withdrawal over the amount will require the permission of the RBI. The moratorium will be applicable from 1800 hrs on March 5 to April 3, 2020.
The RBI also said that it is superseding the board of the YES Bank with immediate effect.