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Yes Bank crisis: Jittery customers make a beeline for bank branch in Patiala
Panic gripped customers after the Reserve Bank of India capped the withdrawal limit of Yes Bank customers to ₹50,000 per account per month
Yes Bank customers witnessed a harrowing time on Saturday after online banking and ATM services of the bank went down. Even the branches of Yes Bank had no cash till evening.
Panic gripped customers after the Reserve Bank of India (RBI) capped the withdrawal limit of Yes Bank customers to ₹50,000 per account per month.
The RBI’s directive which came into effect at 6am on Friday will be effective till April 3, 2020. The customers were seen standing in serpentine queues outside the bank’s branches to withdraw cash.
The RBI has placed in public domain a draft scheme of revival of Yes Bank, the public lender which has been put under the control of the central bank. India’s biggest bank, State Bank of India (SBI), has expressed its willingness to make investment in Yes Bank and participate in its reconstruction scheme, RBI said.
The RBI will receive suggestions on it up to Monday (March 9), and thereafter take a final view.
A 52-year-old employee of the state government, who does not wish to be named, said, “My son has salary account in Yes Bank and fears that the bank owners will run away with his hard-earned money. He tried to transfer the money into another account through online banking but that did not work.”
“He did not get a leave from work to go to the bank and withdraw the money. So, I am here to withdraw his money. I stood in a queue for over four hours and then the bank officials told me that they are out of cash and waiting for more cash to be sent in,” he added.
Anil Goyal, of Patiala, said, “I work at a private firm and have a savings account in the bank. I have saved around ₹1 lakh in the last one year and now I am not able to withdraw it as the bank does not have enough cash.”
Bharat Sharma, another resident, said, “I need ₹7,000 for some urgent work but am unable to get it as ATM and online banking services are not working. I have been standing in a queue outside the bank since 10am but the bank is yet to give me my money.”
Raj Kumar Sharma, assistant vice-president of the bank’s branch at Leela Bhawan, refused to comment on the issue. “I am not authorised to speak to the media and cannot make any statement into the matter,” he added.
