Yes Bank crisis: Modi and his ideas have destroyed India’s economy, says Rahul Gandhi

Posted on 6th Mar 2020 12:32 pm by rohit kumar

A day after the Reserve Bank of India (RBI) placed restrictions on Yes Bank, its shares have fallen sharply on the stock market. The banking regulator on Thursday superseded the board of the troubled private lender with immediate effect and placed it under a 30-day moratorium. It has also appointed former State Bank of India CFO Prashant Kumar to pull the bank out of a crisis. Investors should also note that no Futures and Options (F&O) contracts shall be available in Yes Bank for trading in the equity derivatives segment from May 29, 2020. The development has also had a wider effect on banking stocks, which were trading in red on Friday. Meanwhile, panicked Yes Bank customers rushed to ATMs after the withdrawal limit was capped. 

Yes Bank customers are facing issues in accessing net banking services since last night as thousands of customers of the troubled bank struggle to transfer funds or check any bank account details online, reported Livemint.com. There has been a major surge in Yes Bank net banking services since RBI placed a 30-day moratorium on the bank and capped withdrawals at Rs 50,000.

 

Not just netbanking but individuals using UPI services to transfer funds were also affected.

 

Dear customer, due to heavy traffic on our NetBanking, we are temporarily unable to process your request. Please try again later or use the YES mobile app to carry out your transactions," reads a message flashed on the bank’s online banking page said.

 

Since most failed to transfer cash, there has been a significant surge in queues outside the bank's branches and ATMs across the country. The government and RBI assured that the interest of the depositors will be protected at any cost.

 

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