Yes Bank crisis: In late-night tweet, Yes Bank says debit cardholders can now withdraw from ATMs

Crisis-hit Yes Bank has said customers can withdraw money with their debit cards, days after the Reserve Bank Of India (RBI) took control of the private lender, imposed limits on withdrawals and said it would work on a revival plan.

“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,” bank tweeted late on Friday.

Thousands of panic-gripped Yes Bank customers have been queueing up to withdraw their money after the central bank capped the withdrawal limit to Rs 50,000 per account per month.

RBI’s directive which came into effect at 6am on Friday will be effective till April 3, 2020.

Yes Bank, in a letter on Friday, assured its customers that their “deposits are safe”. The government and RBI have also assured that account holders’ money was safe with the bank and that it will be restructured soon.

India’s biggest bank, State Bank of India (SBI), has expressed its willingness to make an investment in Yes Bank and participate in its reconstruction scheme, RBI has said. It will receive suggestions on it up to March 9 and thereafter take a final view.

SBI said on Saturday it will pick up a 49% stake in Yes Bank for Rs 2450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the “same manner”.

A scheme floated on Friday to bail out the cash-strapped lender by the central said SBI shall pick up a 49% stake in the reconstituted Yes Bank. ‘Yes Bank Ltd Reconstruction Scheme, 2020’ is largely dependent on the infusion of funds by the government-owned SBI.

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