Yes Bank Crises The last time we saw the condition of PMC Bank of Maharashtra worsened during Diwali, and this time Yes Bank is going through its worst phase during Holi.
Moreover, during the day trading, YES Bank shares fell up to 50 percent. The situation is so bad that the Reserve Bank of India has fixed the limit to withdraw money from Yes Bank.
That is, even if you have millions of rupees in the bank, you cannot withdraw more than a specific limit.
In such a situation, there is an environment of fear among the customers. Chaos is also being seen in the branches of Yes Bank.
Many people are fleeing ATMs for fear that their money will not be drowned, so many people are adapting to ATMs or banks due to some significant need.
If you also have an account in Yes Bank, then these 4 things are of use to you.
Yes Bank Crises: Know 4 big things which lead to the crises
1- Only 50 thousand can be removed
Keeping in mind the protection of the interests of the customers of Yes Bank, State Bank of India has decided to withdraw up to Rs 50 thousand per account from Yes Bank.
That is, even if you have lakhs of rupees in your account, you can only withdraw 50 thousand rupees.
Currently, this ban has been imposed for 30 days, which is started from March 5 and will run till April 3—demonstrated that RBI has also taken the board of Yes Bank under its control to maintain Yes Bank Crises.
2- Conditions to withdraw up to 5 lakhs per account
It is not that you cannot withdraw more than 50 thousand rupees under any circumstances.
The Reserve Bank of India has set certain circumstances in which you can withdraw more than Rs 50,000.
The bank has made it clear that if you have a medical emergency or you have to pay higher-education fees or have a wedding in your home, then you can withdraw 5 lakh rupees.
3- Payment of draft or pay order issued so far
There will be some cases in which a draft or pay order of a higher amount would have been announced even before the order issued by the Reserve Bank of India on March 5.
Some people are in confusion that now they will not be able to pay the full amount and will get only 50 thousand rupees.
Here, let us tell you that whatever draft or pay order has been issued before the order of the Reserve Bank of India, the full amount will be paid.
4- SBI-LIC will buy Yes Bank stake
State Bank of India has taken some crucial steps to save Yes Bank, which is facing a financial crisis, from falling, including that SBI and LIC will receive a 49 percent stake in Yes Bank.
It is reported that both will take a 24.5 percent stake. Efforts are made to save Yes Bank by doing this so that the interests of customers can be protected.
Let us know that since the news that State Bank of India will take a stake in Yes Bank, which is facing a financial crisis, the shares of both Yes Bank and State Bank of India have been falling.
The Reserve Bank of India has now imposed this limit for 1 month, i.e., 30 days, which is from March 5 to April 3. Reserve Bank of India Governor Shaktikanta Das has said in Mumbai that the 30-day limit has been fixed.
You will soon see action in this direction from the Reserve Bank of India.