Yes Bank Crisis: Account holders in Bhopal liken trouble to Narendra Modi's Demonetisation

Yes Bank Crisis: Account holders in Bhopal liken trouble to Narendra Modi's Demonetisation

Confidence of account holders in banking system shaken

Staff ReporterUpdated: Saturday, March 07, 2020, 07:28 PM IST
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Account holders wants withdraw money before Holi festival as their salaries are transferred in Yes Bank. | FP Photo

BHOPAL: Accounts holders were in long queue before Yes Bank, MP Nagar, and other branches on Saturday for money withdrawal.

Desperation for withdrawal of money from Yes Bank was visible on their face.

Account holders wanted to withdraw money before Holi festival as their salaries are transferred in Yes Bank.

Most of the account holders were told to come on Monday. Those who were given token were allowed in queue.

Interaction with bank officials left the account holders more tensed.

Account holders likened the chaos triggered by Yes Bank crisis to demonetisation and said that they have lost faith in banking system in the country.

On March 6 the Reserve Bank of India (RBI) took over the bank's board for 30 days, and imposed limits on withdrawals to protect depositors- triggering panic among the account holders.

Ruchi Gupta said, “After demonetisation, it is big crisis in country. I have OD and bank account which have to be settled now. We need to sustain faith and trust in banking system in the country otherwise, it will lead to intense financial crisis in the country.”

Akash, Bank official, said, “ There is limited space in bank so we are allowing four to five account holders at a time. There is no such crisis. Everyone can withdraw money. Account holders should not be tensed. Their money is safe with Yes Bank.”

Pankaj Dangi said, “I work in private company and my salary is transferred in Yes Bank so I want to withdraw my salary. The bank is now totally bankrupt after RBI puts restriction on withdrawal and it is risky to keep money in bank account.”

Subham Singh said, “ We cannot believe on bank officials who have assured that it is easy going withdrawal. But after RBI puts restrictions, we are in queue for withdrawal as it is sign of bankruptcy and it is risky to leave money with bank.”

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