The Indian government has given a go ahead to a plan State Bank of India (SBI) to lead a consortium that will buy a stake in troubled Yes Bank Ltd.
However, while this works out, Yes Bank depositors can only withdraw Rs 50,000 from their accounts starting today till April 3. This Rs 50,000 cap is an aggregate amount across all bank accounts at Yes Bank – savings, deposits or current accounts.
Exceptions will be made in a few cases and ‘competent authority’ will decide on these exceptions. The amounts in these cases cannot be more than Rs 5 lakh or the amount of money that is in the accounts (whichever is less).
Grounds of exception that will be considered are:
-Medical treatment for account holder or dependants
-Higher education costs for account holder or dependants in India or abroad
-Marriage expenses
-‘Unavoidable emergencies’
RBI has said that interest will be paid on deposits at the bank.
If you are paying an EMI from your Yes Bank account you need to speak to your receiving bank or housing company immediately and ask for a one-month window to sort things.
If your salary comes to your Yes Bank account then you might need to figure out some other funds.
Net banking might not work right now for you because too many people might be trying to log in at this point of time. ATM withdrawals might also not be possible immediately, you should try at a later time.
