YES Bank customers shocked over moratorium; ATMs, branches run our of cash

Photo: Kamlesh Pednekar

Long queues were witnessed outside YES Bank ATMs and branches even as customers expressed shock at the Reserve Bank of India (RBI) imposed month-long moratorium on withdrawals.

"It was shocking that the RBI put a limit of Rs 50,000. I have tried to take out cash from ATMs but they were blocked by YES Bank. NEFT transactions were also not taking place. I came here at 7 am to withdraw money," Yogesh Sharma, a YES Bank customer at Fort Branch in Mumbai told ANI.

"I will think about continuing my account with YES Bank. I had an account with YES Bank for two years," he said.

Another customer said: "It was shocking. I think RBI took the decision to make YES Bank strong and structured. I believe RBI will protect depositors' money."

RBI on Thursday imposed a month-long moratorium on YES Bank citing "serious deterioration in its financial position".

 

YES Bank ATM in Parel also ran out of cash as people rushed to withdraw money.

During the period of moratorium, the YES Bank Limited shall not, without the permission in writing of the Reserve Bank of India, make, in the aggregate, payment to a depositor of a sum exceeding Rs. 50,000 lying to his credit, in any savings, current or any other deposit account, the RBI directive stated.



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