Reserve Bank Governor Shaktikanta Das said on Friday that the country’s banking system is completely safe. Depositors don’t need to worry at all. He termed the idea of linking the bank’s share price to the security of deposits as false.
According to him, it is not correct to have such a perception. The RBI chief said this after the yes bank crisis and the corona virus epidemic have rolled down the prices of banks’ shares. He also appealed to the depositors not to withdraw money from the banks. “I reiterate that the Indian banking system is completely safe and strong,” Das said, “The stock market has fluctuated recently over the corona virus.
This has also affected the share of banks. Due to this, some people have panicked and made deposits withdrawals from private banks. Adding the security of deposits to the share price is based on the misconception,” he appealed, adding that depositors of commercial banks, including private sector banks, need not worry about their money.
“Depositors of commercial banks, including private sector banks, should not worry about their deposits,” RBI governor said, “That’s why I urge people and public authorities who have accounts in private banks not to panic and withdraw their money.” “Some states like Maharashtra have asked all departments to withdraw money from private sector banks.
Despite the RBI sending a letter for not doing so, the money was ordered to be withdrawn. A large amount of money was withdrawn from the Yes Bank before it was banned. But, the situation has been normal since the ban was withheld on March 18.
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