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Tuesday, July 05, 2022

Chandigarh: After RBI move on Yes Bank, customers line up outside branches to withdraw money

While Chandigarh has 12 branches of Yes Bank, Panchkula has four and Mohali three. As most of the ATMs were out of cash, people rushed to the nearby branches.

Written by Saurabh Prashar | Chandigarh |
March 7, 2020 1:03:41 pm
Chandigarh: After RBI move on Yes Bank, customers line up outside branches to withdraw money Withdrawal symptoms: Account holders at a branch of Yes Bank in Sector 11, Panchkula, on Friday. (Express Photo by Jaipal Singh)

A DAY after the Reserve Bank of India superseded the board of directors of troubled Yes Bank for a period of 30 days “owing to serious deterioration in the financial position” of the bank and capped deposit withdrawals at Rs 50,000 per depositor, thousands of customers thronged various branches of Yes Bank in the Tricity to withdraw their hard-earned money on Friday. People gathered outside the bank branches much before office hours.

While Chandigarh has 12 branches of Yes Bank, Panchkula has four and Mohali three. As most of the ATMs were out of cash, people rushed to the nearby branches.

Even people from faraway areas, including Kharar, Morinda in Mohali, came to Chandigarh when did not get cash there.

Ravinder Singh, a security guard deputed at Sector 11 branch, Panchkula, said, “Around three dozen people were already standing outside the bank when I started my duty this morning. The rush is increasing by the minute. People are making frantic calls at the reception. The entire staff was instructed to do work during lunch break as well.”

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Later, notices about the moratorium period of 30 days of Yes Bank were pasted outside the branches.

Inderjit Singh, 71, of Kharar, did not waste a single moment after learning about the news. He went straight to the Sector 40 Yes Bank branch, only to find no cash was left. Then he went to Sector 17 branch facing an unending queue. Finally, he turned up in Sector 9 and managed to get his hard-earned money around 1.45 pm. He said, “I first went to Sector 40. There I did not get cash. I was advised to go to Sector 17 and then to Sector 9. I came to know about the news this morning. I have my savings account in the bank. I am worried about the rest of my amount.”

Jatinder Kaur, a housewife from Maloya, had watched the news on TV and reached the Sector 9 Yes Bank branch along with her one daughter. She has a savings account in Yes Bank. She had come around 11 am but till 2.45 pm, she did not get her money. She said, “We were told by bank staff that our money is safe but we want to withdraw it as soon as possible. We were told that account holders can withdraw Rs 50,000 in one month. I have less than Rs 50,000 in my account. But I want to withdraw it today.”

Bhushan Bansal, 55, a trader in electronics items, could not dare to enter the chaotic Sector 17 bank branch. He said, “I am from Bathinda. I came to Chandigarh last evening for business purpose. I have more than Rs 2.50 lakh in my account in Yes Bank. I don’t know what to do now.”

Ashish Manchanda, Yes Bank manager, said, “We were instructed to release maximum Rs 50,000 to a person for the next 30 days. Apart from it, we have not received any communication. There is no need to panic.”

The reception desks of all the branches were full of anxious customers posing countless queries to the women staff sitting on the desk. A woman staffer said, “We are guiding people that they can withdraw their cash up to Rs 50,000 in the next 30 days.” An insider said, “Bank employees are worried about their future as well.”

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