Yes Bank Moratorium: Owaisi asks Modi govt, 'Are our savings safe from banks?'

After PMC Bank, the Reserve Bank of India has tightened its grip on Yes Bank, which has been struggling for a long time to raise funds . Some rules have been implemented by RBI for this bank. The RBI decision states that customers will be able to withdraw only 50 thousand rupees from their account for 1 month.

As the news came out, AIMIM leader and MP Asaduddin Owaisi tweeted,"First it was non banks like ILFS &  Dewan that collapsed under the weight of a crashing economy. Then a big cooperative bank in the rich state of Maharashtra, PMC Bank failed. Now we’ve the first ever scheduled commercial bank to fail: Yes Bank. Are our savings safe from banks?

First it was non banks like ILFS & Dewan that collapsed under the weight of a crashing economy

Then a big cooperative bank in the rich state of Maharashtra, PMC Bank failed

Now we’ve the first ever scheduled commercial bank to fail: Yes Bank

Are our savings safe from banks? https://t.co/GaS22OXaZE

— Asaduddin Owaisi (@asadowaisi) March 6, 2020

Yes Bank Ltd. placed under Moratoriumhttps://t.co/GcAFiDs6CU

— ReserveBankOfIndia (@RBI) March 5, 2020

RBI on Thursday said a "moratorium" has been imposed on Yes Bank stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.