te Yes Bank crisis: No need to panic! Not just Rs 50,000, customers can withdraw up to Rs 5 lakh cash | Zee Business

Yes Bank crisis: No need to panic! Not just Rs 50,000, customers can withdraw up to Rs 5 lakh cash

Yes Bank crisis: The Reserve Bank of India's (RBI) crackdown on Yes Bank has led to panic among customers and investors who have formed long queues outside bank branches across India to withdraw cash. 

Yes Bank crisis: No need to panic! Not just Rs 50,000, customers can withdraw up to Rs 5 lakh cash
This comes after Reserve Bank of India (RBI) capped withdrawal at Rs 50,000 per depositor. Source -

Yes Bank crisis: The Reserve Bank of India's (RBI) crackdown on Yes Bank has led to panic among customers and investors who have formed long queues outside bank branches across India to withdraw cash. This comes after Reserve Bank of India (RBI) capped withdrawal at Rs 50,000 per depositor. However, there is no need to panic! RBI has given a relief to bank customers by announcing that they can withdraw more money if required.

Yes Bank customers will be allowed to withdraw up to Rs 5 lakh in case of medical emergencies, an upcoming wedding at home or for education-related expenses. RBI said that customers will have to provide proper documents for this and only then, they will be allowed to withdraw more than Rs 50,000.

Meanwhile, almost all branches of the bank have pasted copies of the Gazette notification at their main entrances, informing about the moratorium imposed till April 3. Many agitated customers confronted the Yes Bank officials by comparing the crisis to the Punjab & Maharashtra Cooperative Bank imbroglio which erupted last September.

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State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the problem at hand is lender-specific and not sectoral. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"The RBI has said they will come out with a restructuring plan (for Yes Bank)," Kumar told reporters after meeting Finance Minister Nirmala Sitharaman. The resolution will come "very shortly," he said without elaborating.

"The RBI will take all steps to ensure financial stability," he concluded.

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Fri, Mar 06, 2020
04:16 pm
New Delhi, ZeeBiz WebDesk
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