Addressing a press conference after the RBI superseded the board of Yes Bank and placed withdrawal restrictions, she said the bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis.
On finding risky credit decisions, the RBI advised change in management, she said.
These decisions were taken in the interest of the bank‘s health, and a new CEO was appointed in September 2018 and cleaning up of bank started, she said adding that investigative agencies too had found irregularities.
She said the RBI has been asked to assess the causes of problems and identify the role played by individuals.
The government, she said, wants the RBI to ensure that due process of law is followed with a sense of urgency.
She said Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.
Finance Minister retorted back at senior Congress leader and former finance P Chidambaram saying United Western Bank collapsed in 2006 under the “self-appointed competent doctors.” “We are ensuring customers interest are protected,” she said. “We can assure all depositors that their money is safe.” “I am closely monitoring every institution which requires that kind of monitoring along with RBI,” she added.