Yes Bank crisis: Queues at branches, ATMs in Thane, Palghar

By: |
March 7, 2020 7:42 PM

Large number of people assembled on Saturday outside Yes Bank branches and ATMs in Thane and Palghar districts to withdraw money.

yes bank, rbiThe RBI said the restrictions were imposed due to the ailing financial condition of Yes Bank which had failed to raise capital to keep itself going.

Large number of people assembled on Saturday outside Yes Bank branches and ATMs in Thane and Palghar districts to withdraw money.

The Reserve Bank on Thursday superseded the board of Yes Bank and put a moratorium till April 3 during which customers are not allowed to withdraw more than Rs 50,000 from their account, even if one holds multiple accounts with the lender.

The RBI said the restrictions were imposed due to the ailing financial condition of Yes Bank which had failed to raise capital to keep itself going.

On Saturday, queues of worried people, several of them senior citizens, were seen outside the bank’s branches and ATMs in Dombivali, Kalyan, Palghar, Tarapur, Thane, Ulhasnagar and Vashi.

Several of these people claimed authorities and bank officials were not divulging information on the status of the lender, and this was increasing anxiety among depositors.

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