Yes Bank debit card holders can withdraw money from ATMs
New Delhi, Mar 08: In a big relief to Yes Bank account holders, the crisis-hit PSB (Private Sector Bank) has announced that customers can now make withdrawals using their debit cards at any ATMs.
"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 bank said in a late-night tweet on Saturday.
The development comes days after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
The 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.
As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.
Earlier in the day, the Mumbai's Special Holiday Court sent YES Bank founder Rana Kapoor to Enforcement Directorate (ED) custody till March 11 in connection with money laundering charges against him.