Government restricts withdrawal from Yes Bank to Rs 50,000

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Shivanee Thote

Pune, March 6, 2020 : The Reserve Bank of India has authorized a prohibition on Yes Bank by restricting the withdrawal to depositors to Rs 50,000. Also, if someone wants to recover the amount more than the marginal number then the customer needs permission from the RBI.

This rule will be in effect from March 5 to April 3. The depositors won’t get the amount exceeding Rs 50,000, even if the depositors are having any savings, current or any other deposit account.

Mr. Prashant Kumar, Administrator – YES BANK, appointed by the Reserve Bank of India,said, “The current moratorium has been brought into effect keeping the depositors’ interest in mind and towards restoring their confidence.  A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends. The Bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic. Look forward to continued support from the depositors” as an advisory to customers.

Yes Bank media statement

“This is with reference to the press release by the Reserve Bank of India (RBI) dated March 05, 2020 and Ministry of Finance Notification, S.O.  993 (E), issued on March 05, 2020, which made an Order of Moratorium in respect of YES BANK Limited till April 3, 2020. With reference to the above, the withdrawal limit for depositors has been capped at Rs. 50,000 as an aggregate limit for the entire moratorium period, wherein customers will be allowed to withdraw a total of Rs. 50,000/- from their accounts. The Bank remains available to address all queries and clarifications. Depositors are requested to get in touch with the nearest branch for any assistance.”