YES Bank Says Depositors Can Use Debit Cards to Withdraw Money From ATMs
In a late-night tweet on Saturday, YES Bank said depositors can "now make withdrawals" using debit cards. There was a huge rush outside YES Bank ATMs after the RBI placed the private lender under a moratorium.
Mumbai, March 8: In a late-night tweet on Saturday, YES Bank said depositors can "now make withdrawals" using debit cards. "You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs. Thanks for your patience. @RBI @FinMinIndia," the tweet read. There was a huge rush outside YES Bank ATMs across the country after the Reserve Bank of India placed the private lender under a moratorium. Rana Kapoor, Founder of Crisis-Hit YES Bank, Arrested by ED Under PMLA.
Also, the RBI capped deposit withdrawals at Rs 50,000 per account for a month. The unprecedented move by the central bank trigerred a panic among YES Bank depositors who were seen queuing up at the bank's ATMs at various locations. However, at many locations, ATMs did not have cash, news agency PTI reported. The developments also disrupted Unified Payments Interface (UPI) offered by fintech firms such as PhonePe. YES Bank Crisis: Nirmala Sitharaman Asks RBI to Probe Matter.
The number of UPI transactions across the country saw a sharp dip on Friday largely because PhonePe couldn't operate as it is plugged into Yes Bank to provide UPI-based account-to-account transfer services. PhonePe facilitates 20 million transactions a day. "Internet banking is not working, even the credit card has stopped working; however, I withdrew my amount through cheque," Lalit Kumar, a Yes Bank customer, in Delhi told PTI.
YES Bank, in a letter, on Friday had assured its customers that their "deposits are safe". The letter was signed by Prashant Kumar, former CFO of State Bank of India (SBI), who has been appointed as YES Bank's administrator by the RBI. Meanwhile, the Enforcement Directorate (ED) on Sunday arrested YES Bank founder Rana Kapoor in a money laundering case. Kapoor has been booked under the Prevention of Money Laundering Act (PMLA).
(The above story first appeared on LatestLY on Mar 08, 2020 11:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).