In a massive development, Yes Bank founder and former MD-CEO Rana Kapoor on Saturday was taken to the Enforcement Directorate office in Mumbai for questioning. The ED has also registered a case of Prevention of Money Laundering Act, 2002 (PMLA) has been registered against him. Earlier on Friday, the ED carried out searches at Kapoor's residential premises in Mumbai's Samudra Mahal. The ED is the only central agency to have registered a case against Kapoor till now.
Issuing her first statement on the Yes Bank crisis, Finance Minister Nirmala Sitharaman on Friday assured the depositors that all their money is safe. She said that she is in constant touch with the Reserve Bank of India and a resolution will be found soon. The Finance Minister added that she has been personally monitoring the situation for the past couple of months along with the RBI.
Speaking to the reporters outside Parliament, the FM Sitharaman said, "I am in continuous interaction with the RBI. The RBI has assured that they will give a quick resolution. I also want to assure every depositor that their money shall be safe. Their money is safe. I am constantly in touch with the Reserve Bank and the steps they have taken are in the interest of the depositors, the bank and the economy."
On Thursday, RBI appointed former SBI CFO Prashant Kumar as administrator for Yes Bank and imposed a moratorium on the troubled lender capping its withdrawals at Rs 50,000, for a period of 30 days. The RBI stated that the decision was taken to a serious deterioration in the financial position of the bank and has been done to restore depositors' confidence in the bank. Yes Bank has also cancelled all fund withdrawal requests made by clients to their Yes Bank accounts and its stocks lost more than half its value.