City
Epaper

Long queues, grim faces -- the DeMo moment for Yes Bank customers

By IANS | Updated: March 7, 2020 20:55 IST

The recent crisis in Yes Bank has revived memories of demonetisation that brought people across the country to long queues outside banks and ATMs. On Saturday, Yes Bank customers, most of them middle-class salary earners, were seen standing in queues outside ATMs to withdraw their hard-earned money "locked up" with the bank following the crisis.

Open in App

New Delhi, March 7 The recent crisis in Yes Bank has revived memories of demonetisation that brought people across the country to long queues outside banks and ATMs. On Saturday, Yes Bank customers, most of them middle-class salary earners, were seen standing in queues outside ATMs to withdraw their hard-earned money "locked up" with the bank following the crisis.

The RBI has superseded Yes Bank Board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawals by account holders for a month.

Speaking to , Anil Kumar, a software engineer who stood in a queue at Noida Sector 18 ATM, said: "It is a difficult time for me...i am running short of cash... how will I meet my daily needs?" He said the present situation is a grim throwback to 2017, albeit in a different manner. "Everyone in the queue is talking about those days, but takes solace from the fact that it won't go that far."

Rahul is another Yes Bank depositor, who thinks all this would soon be over. "Right now I am disturbed because I have to pay my house rent in cash."

"The bank shut down suddenly and it was announced that only 50,000 can be taken out. When I tried to take out cash from other bank's ATMs, I could not. Now, I have come to this ATM," said Krishna, an employee in the private sector.

"I belong to the labour class and I need money desperately," he added.

Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank, which has over 1,000 branches and 1,800-plus ATMs across the country. On Thursday, Union Finance Minister Nirmala Sitharaman said that the bank was under watch since 2017 and developments relating to it were monitored on a day-to-day basis.

( With inputs from IANS )

Open in App

Related Stories

NationalValmiki Jayanti to be observed as a public holiday: Delhi CM Rekha Gupta

InternationalPakistan: Four dead, 28 injured as heavy rains lash Punjab province

NationalEnvironment Minister Bhupender Yadav launches 5 projects for species conservation

NationalZubeen Garg death: ED, I-T Dept to probe irregularities linked to festival organiser, says CM Sarma

BusinessIndia's active mobile subscribers cross 1,086.18 mn in August 2025

National Realted Stories

NationalLucknow Shocker: 20-Year-Old Gaming Addict Kills Mother After She Caught Him Stealing Jewellery to Repay Debts

NationalJubilee Hills bypoll: Election code comes into force in Hyderabad

National'Strange bedfellows' in political alliances

NationalNew record in Hyderabad real estate as one acre fetches Rs 177 crore

NationalEmbarrassment for CM Vijayan as veteran leader Sudhakaran targets Sabarimala gold row