YES Bank Depositors unable to withdraw cash from ATM

Press Release : March 08, 2020
YES Bank Depositors unable to withdraw cash from ATM

YES Bank Depositors unable to withdraw cash from ATM

06 Mar 2020

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Harried Yes Bank depositors rushed to ATMs to withdraw money however confronted a multitude of issues inclusive of closed down machines and lengthy queues, after the Reserve Bank of India positioned the financial institution beneath a moratorium, capping most withdrawals at Rs 50,000 per account for a month.

Aggravating the troubles of depositors have been difficulties getting access to the web banking channel, which ensured that they cannot switch the cash on-line as well. The ATM in south Mumbai’s Horniman Circle, with the Reserve Bank of India’s head office overlooking it, the shutters have been pulled down. The defendant on obligation stated the desktop used to be non-operational earlier than he mentioned to work late in the night time and he was once ordered to shut it after 2200 hours.


In the suburban location of Chembur,

one ATM used to be meting out money though it had a long queue of worried depositors. One guy stated it was once nevertheless practical to remove up to Rs 50,000 in more than one transaction from the ATM.

But, every other computer close by had run dry in minutes of the Reserve Bank of India’s announcement, a person said. The rigid actions, undertaken through the Reserve Bank of India and the government, got here hours after finance ministry sources established that State Bank of India was once directed to bail out the suffering lender. For the next month, Yes Bank will be led via the Reserve Bank of India -appointed manager Prashant Kumar, an ex-chief economic officer of State Bank of India.

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