Do you have an account with Yes Bank?what to do Now.
In some transactions like UPI and NEFT, you may face problems for a short time. The Reserve Bank of India (RBI) has taken over the operations of Yes Bank, which is facing the cash crisis. Like PMC and DHFL, it has dissolved the board of Yes Bank for 30 days. RBI has imposed some strict restrictions on this private bank.
1. What has RBI banned Yes Bank?
In the month, a limit of Rs 50,000 has been fixed on the withdrawal limit from an account.
– Withdrawal limit of Rs 50,000 will apply to all types of accounts of the bank. That is, the same amount can be withdrawn from savings, deposit or current account.
– The bank will not be able to offer any new loans. Neither can anyone invest. He will also not be allowed to pay his dues.
RBI has dissolved the board of Yes Bank and appointed former SBI CFO Prashant Kumar as the new administrator (administrator).
2. Will RBI restrictions affect your loan EMI, SIP, payment of insurance premium?
Since the limit is applicable for all transactions. So, if the payment amount is more than Rs 50,000, then you may have problems.
However, if this amount is less than Rs 50,000, then there will be no problem.
3. What will happen to the salary account customer of Yes Bank?
If your salary account is in Yes Bank and you need more than Rs 50,000, then you will have to arrange the money separately.
4. How will RBI’s impact on Yes Bank affect mutual fund investors?
Many mutual funds have stopped accepting redemption requests from YES bank accounts in their schemes. You will have to take some steps to ensure that your future income is not blocked through mutual fund redemption.
If your Yes Bank account is linked to your mutual fund investment, you can apply to change the account. For this, you can give a canceled check in the office of the campus.
5. What will happen to Yes Bank and its customers?
RBI has assured the depositors of Yes Bank that their interests will be fully protected. They do not need to panic. In the next few days, the RBI will create a scheme for restructuring or merger of the bank. This work will be done before the end of the 30-day moratorium (stop) period.
However, in cases like marriage and medical emergency, etc., the limit of Rs 50,000 will not be applicable.
The bank can also pay the salary and rent of its employees. In some transactions like UPI and NEFT, you may face problems for a short time. But, if there is enough balance in your account, there will be no problem in transactions.
The government has asked SBI and LIC to bail out the bank. If it succeeds, it will be the first time in many years when a private sector bank will be rescued from public money.
6. What is the insurance cover limit for Yes Bank depositors?
If the bank is dissolved, the insurance limit for depositors will be Rs 5 lakh per account. This includes locker service.
