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Cap On Withdrawal: At city’s Yes Bank branches, distressed depositors queue up

The RBI had on Thursday put Yes Bank on a one-month moratorium by superseding its directors “owing to serious deterioration in the financial position”.

By: Express News Service | Kolkata |
March 7, 2020 5:39:35 am
Yes Bank Withdrawal Cap, RBI, Reserve Bank of India, queues at YES bank ATMs, kolkata news, indina express news People line up inside a Yes Bank branch in North Kolkata on Friday. (Photo: Partha Paul)

Yes Bank customers panicked and stood in long queues at its branches and ATMs here after the Reserve Bank of India (RBI) capped withdrawals at Rs 50,000 from the private sector lender.

The RBI had on Thursday put Yes Bank on a one-month moratorium by superseding its directors “owing to serious deterioration in the financial position”.

Many depositors said after getting the news about the withdrawal limit, they rushed to take out money. They were dejected that they could not withdraw more than Rs 50,000 by cheque.

Shuvo Chowdhury (30), an online medicine delivery vendor, has a current account in the bank. “We are facing difficulty to transfer cash and run our business. I came here at Kankurgachi branch to withdraw at least Rs 50,000. But I don’t know for how many days we can continue in this fashion,” he said.

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A woman, who did not wish to be named, said the moratorium would hamper the wedding of a family member. “We have a wedding Sunday and need money for it. We have booked the venue, a catering vendor etc. We were allowed to withdraw only Rs 5 lakh. I don’t how we will manage,” she said.

The RBI had on Thursday said the bank may allow an amount of more than Rs 50,000 to depositors to meet unforeseen expenses.

Account holder, Prantosh Sarkar, said he had visited his home branch after he failed to withdraw money online. “I heard that I can withdraw only Rs 50,000 by cheque. So, I have been standing in the queue for over an hour. I don’t know how long I have to wait.”

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