In pics: Customers of Yes Bank line up outside ATMs for cash fearing loss of deposits
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Yes Bank is one of largest private banks in India with branch banking network of over 1000 Branches and 1,800 ATMs
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Hassled Yes Bank depositors rushed to ATM’s as soon as the news broke.
However many ATMs including the one at Horniman Circle in Mumbai pulled the shutters down at 10pm.
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Some of the anxious depositors were able to dispense cash but had to wait in long queues.
Many ATM’s were closed as early as 8 pm on March 5. Whereas some ATMs ran out of cash within minutes of the RBI announcement.
Yes Bank depositors also faced difficulties in accessing the internet banking channel that ensured people can’t transfer funds online.
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The moratorium will stay in effect for a month and the RBI may increase the limitation of ₹50,000 on a case-to-case basis. These cases can include medical emergencies, higher education and expenses related to marriage. However, the bank will not be able to renew or grant any loans.
RBI said there’s is no reason for depositors to panic and their interests will be fully protected. RBI governor Shaktikanta Das told the media on March 6 that they are working on a revival plan.
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RBI said there’s is no reason for depositors to panic and their interests will be fully protected. RBI governor Shaktikanta Das told the media on March 6 that they are working on a revival plan.
Not just Yes bank, ATMs of other banks including Bank of Baroda and SBI also witnessed long queues in Navi Mumbai area.
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