Yes Bank: RBI caps withdrawals from Yes Bank to ₹ 50,000, Government Puts Yes Bank Under Moratorium

Yes Bank
Yes Bank

Yes Bank withdrawal limit ₹ 50,000 after RBI action

The Reserve Bank of India on Thursday capped withdrawals from Yes Bank to ₹ 50,000 per account for a month for customers. Now customers of Yes bank will not be able to withdraw more than ₹ 50, 000. RBI has fixed the withdrawal limit.

RBI directive said that this withdrawal limit has come into force from 6 pm on March 5, 2020, and will continue till April 3, 2020. This limit will be applied to current, savings, or any other account. If a depositor maintains more than one account in the bank, the total withdrawal from all the accounts will also remain within this limit.

On Thursday, the Reserve Bank of India has set a limit for Yes Bank customers to withdraw money from Indian private sector bank, Yes Bank. According to RBI order, Yes Bank customers will not be able to withdraw more than ₹ 50,000 during the given period. The Yes Bank cannot give more than ₹ 50,000 to any depositor without the permission of the Reserve Bank. The Reserve Bank of India has issued a moratorium order for Yes Bank.

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After the RBI puts the Yes Bank under a moratorium, harried depositors of Yes Bank rushed to ATMs to withdraw cash but faced closed down machines and long queues problems. The RBI assured depositors that there is no need to panic and their interest will be fully protected.