Srimandir’s funds are safe, RBI assures Odisha govt

Sambad English Bureau Published On : Mar 12, 2020 at 7:34 PM

Bhubaneswar: Allaying concerns over Srimandir’s funds parked at Yes Bank, the Reserve Bank of India (RBI) today said the depositors’ money at private sector banks are safe. In a letter to Odisha Chief Secretary Asit Tripathy, RBI Deputy Governor NS Vishwanathan wrote, “We would like to point out that the Reserve Bank has adequate powers to regulate and supervise the Private Sector Banks and by using these powers it has ensured that the depositors’ money is entirely safe.”

The RBI Deputy Governor further stated apprehension on safety of deposits in private sector banks is highly misplaced and any reactive decision will not be in the interest of stability of financial system in general, and banking system in particular.

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He requested the Odisha government to reconsider any decision to withdraw transfer funds deposited by the State government and its entities in Private Sector Banks.

With an aim to retain depositors’ confidence in private sector banks and mitigating their hardship the RBI has drawn up a draft scheme without any delay and is isn the process to finalise the scheme, the letter read.