The bank, which was once a favorite and was known to pay above-average interest, is now on the verge of falling. The Reserve Bank of India (RBI), on Thursday, placed restrictions on YES Bank due to underperformance. The move has left the customers of Yes Bank in a state of panic.
As per the report, a 30-day moratorium has been imposed by the RBI on Yes Bank and the withdrawal limit has been capped at Rs 50,000. If an account holder has more than one account in Yes Bank, even then he/she can withdraw only 50 thousand rupees in total.
Ever since the restrictions have been placed on Yes Bank, its shares have fallen sharply on the stock market. While addressing the media, Finance Minister Nirmala Sitharaman assured the depositors of the bank that their money is safe.
(Internet inputs)