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RBI Governor: economy threatened by the coronavirus situation!
Posted on: 17/Mar/2020 10:10:18 AM
The governor of the Reserve Bank of India (RBI) has reported that the economic situation is severely affected by the coronavirus spread and panic.
In an interview with the press, RBI governor shared regarding the present economic situation due to the Yes Bank problems and the effect of the global spreading coronavirus.
Both the central government and the RBI initiated immediate activities to set right the situation of Yes Bank and the crisis. Yes Bank will start functioning as usual from 18th March. The welfare of the customers/clients who have invested in Yes Bank will be protected. The redemption activities of Yes Bank are quite strong, Activities have been initiated to redeem the bank without any change in image/function.
The public need not worry about their investments in Yes Bank. The money deposited in Yes Bank is quite safe!
Several banks have shown interest in helping the redemption of Yes Bank. The Reserve Bank of India will help Yes Bank if and when required. We have informed the state governments that the India Banking system is quite healthy and safe.
All state governments have been requested not to redeem the investments made in private banks.
However, the economy is facing a great risk with the coronavirus spread. It has affected the global stock market in a strong manner! India has also been affected. Manufacture of items in pharmaceutical and electronic sectors has been affected. Industries such as tourism and flight services have also been severely affected.’
It is worth noting the announcement that all the blocks on Yes Bank will be removed from 6.00 PM on 18th March!
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