Yes Bank Crisis: Yes Bank on Friday evening sought to calm everyone down by issuing a statement and said that the moratorium imposed by Reserve Bank of India was "temporary" and all efforts are being made to revive the bank.
"I would like to apprise you that this is a temporary moratorium made by the Government to protect the interest of the Bank's customers. I wish to reassure you that your deposits are safe with the Bank," said Prashant Kumar, who has been appointed as the administrator of Yes Bank
Currently, there is a withdrawal cap of Rs 50,000 from Yes Bank account. However, Prashant Kumar has said that there is a provision through which an amount up to Rs 5 lakh can be withdrawn.
"If you require funds in excess of Rs. 50,000 for medical treatment, marriage, higher education, or any other unavoidable emergency, a provision has been made for consideration up to Rs. 5 Lakh with the approval of the Reserve Bank of India," said Prashant Kumar.
Depositors have been standing in long lines to withdraw their money from their Yes Bank accounts. Yes Bank ATMs across India are reportedly low on cash and are even running out of currency notes.
Yes Bank shares tanked by over 55 per cent on Friday amid negative sentiment among the depositors.