It does not require a hard-nosed investigator to question these steps at this late stage, after the deed is done and the collapse is imminent. This is like locking the stable after the horse has bolted. Union Finance Minister Nirmala Sitharaman said last week that the RBI would look into what has gone wrong at Yes Bank and fix individual responsibilities. But there remain several unanswered questions on what the real picture is, what caused the sudden trigger for a bank that has been under watch for over two years now and the price, if any, that violators would be asked to pay for what at the end of the day amounts to playing with public funds. Reconstruction Scheme, 2020” one day after the regulator placed limits on withdrawals and superseded the Board of Directors for a month “owing to serious deterioration in the financial position of the Bank”. The Reserve Bank of India (RBI) last week unveiled a “Yes Bank Ltd.
It will further pull down sentiment in an economy that is slowing, and bring more bad news in the midst of unexpected events like the spread of the coronavirus disease. The dramatic developments in the case of Yes Bank will bring new shock waves to a financial sector that is already shaken and bruised.
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