Shaken by the RBI’s decision to cap withdrawal limit to Rs 50,000 per account, Yes Bank depositors queued up outside bank branches across Mumbai last week to withdraw their money. Tokens were given to depositors who anxiously waited for their turn.
“We have been here for a while now and have received tokens. My token number is 222. I have been standing here for two hours but only 50 people have been called in yet. The queue is moving very slow.”Manju Vishwakarma, Yes Bank Depositor
35-year-old Anamika Pandit waited at the Link Road, Andheri West branch of the bank for over three hours with her infant son before leaving for the day after receiving her token. “We are not able to withdraw any money. ATMs, net banking and mobile banking services are shut. This is a huge inconvenience,” said Anamika.
Despite waiting for over three hours, some depositors left without being able to withdraw any money. Many were given a token and asked to return on Monday, 9 March.
“I needed the money to pay education fees but can’t withdraw even Rs 5000. Thy have stopped giving tokens. They are saying come back tomorrow. They have stopped online services.”Purnima Kohli, Yes Bank Depositor
Faced with family emergencies, some depositors were worried about their next course of action.
“I have around Rs 4 Lakh stuck in this account right now. We have family functions at home and my sister-in-law’s wedding as well. We needed money for that.”Chetan Potdar, Yes Bank Depositor
Hinamshu, a senior citizen, added that, “We have our savings account here that has money in it. It’s my daughter’s wedding and that’s why we are facing a problem.”
Apart from placing the bank under moratorium, RBI has also superseded Yes Bank's board and appointed Prashant Kumar, a former chief financial officer at SBI, as the bank's administrator. The RBI said that the emergency measures would apply until April 3 for now and that the steps were being taken due to Yes Bank's precarious financial position.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)