Now you can not withdraw more than INR 50,000 from YES bank

Now, if you are an account holder of YES Bank, then you must know that The reserve bank of India has imposed a restriction on not withdrawing more than INR 50,000 per account. This is going to be valid from 5th march to 3rdApril.

However, in few cases like any fee or donation of college, medical expenses or any thing that is serious, you can withdraw more than INR 50,000 but for this, you need to have a special permission from RBI.

Prashant Kumar, Former chief financial officer of SBI said- “This has been done to quickly restore depositors’ confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation, We are working on a plan and we will disclose it in the next few days,” the official said, requesting anonymity.”

And the statement reads- “The Reserve Bank assures depositors of the bank that their interest will be fully protected and there is no need to panic. In terms of the provisions of the Banking Regulation Act, the Reserve Bank will explore and draw up a scheme in the next few days for the bank’s reconstruction or amalgamation and with the approval of the Central government, put the same in place well before the period of moratorium of 30 days ends so that the depositors are not put to hardship for a long period of time,”

It is going to be a tough time for YES bank account holders.