YES Bank finally says 'Yes' to other bank ATMs

YES Bank finally says 'Yes' to other bank ATMs

The recent crisis on Yes Bank has revived the memories of demonetisation which brought the whole nation into queues outside the banks and ATMs

AgenciesUpdated: Sunday, March 08, 2020, 03:24 PM IST
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People stand outside a Yes Bank ATM on Friday | BL Soni - FPJ Photo

Yes Bank announced late Saturday that its debit cards can be used for withdrawing cash at other bank ATMs also.

The move comes after long queues were seen at Yes Bank ATMs and branches and numerous complaints by customers that they were not being able to withdraw any money.

"You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs. Thanks for your patience," the bank said on Twitter.

The recent crisis on Yes Bank has revived the memories of demonetisation which brought the whole nation into queues outside the banks and ATMs.

People were seen standing in queues outside the ATMs to take out their hard earned money which has got locked up with the bank following the crisis.

"The bank shut down suddenly and it was announced that only 50, 000 can be taken out. When I tried to take out cash from other bank's ATMs, the attempt failed. Now, I have come here to see if I can take out the money from here," said Krishna, standing outside a Yes Bank ATM in Sector 18.

Speaking to IANS, Anil, said: "It is a time of difficulty as we are facing a lot of problems because of the lack of cash as it is becoming problematic in fulfilling our daily needs.

"However, it's not exactly same as that of demonetisation but it has brought back the memories of the dark days."

Another person standing outside the Yes Bank ATM in Sector 18, Noida, Rahul, said: "I am so disturbed as I cannot even take out my salary. I am not able to pay my house rent and because of this it becomes embarrassing to face my landlord."

Yes Bank founder Rana Kapoor who was earlier arrested under money laundering charges, has been remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Kapoor, 62, was arrested by the ED under provisions of the Prevention of Money Laundering Act (PMLA) around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.

On Thursday, the Reserve Bank of India (RBI) had 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.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

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