What the Yes Bank crisis means for its customers and investors6 min read . Updated: 09 Mar 2020, 11:25 AM IST
- Change ECS and banking mandates for your EMIs, SIPs and other bills tied to your Yes Bank account
- As you change ECS and banking mandates, you’ll have to make alternative arrangements to pay up
The government’s and Reserve Bank of India’s (RBI) decision to restrict withdrawals to up to ₹50,000 until 3 April from Yes Bank Ltd came as a shock for depositors, borrowers and investors alike, even though the writing had been on the wall for some time. RBI discovered governance issues in the bank but had been monitoring the situation for close to a year, which is why the moratorium came as a surprise to customers. “Though there was a lot of negative news surrounding Yes Bank for the last few months, I didn’t withdraw my money. I thought the bank is too big to fail. Even if it is in a crisis, the government would come to its rescue," said Siliguri-based Priyanka Mudgal, 36, who opened an account with the bank two years ago. She queued up outside a Yes Bank ATM a day after the moratorium was announced, but realized that it was not dispensing cash.