This sudden development has impacted lacs of depositors directly. Depositors with single account or multiple accounts with yes bank can withdraw only Rs 50,000 at max for a month till 3rd April 2020.
The withdrawal limit of Rs 50,000 includes all online transactions, payments and you are also not allowed to spend more than Rs 50,000 that will complete the limit.
This news has panicked the depositors who rushed ATMs making huge que outside the ATM Machines, but no luck and returned empty handed due to the Yes Bank ATM cards did not allow them to take cash from the machines.
Few exceptions to get up to Rs 5 lakh are also provided after RBI's approval to your request if you have the below conditions;
1- Emergency medical treatment for you and for your dependents
2- Higher education payment for you and for your dependent
3- Marriages and ceremonies if they are mandatory
4- Any other emergencies
The fear ofcoronavirus has impacted lot the global capital market . India also did not bear the brunt of impact of corona virus and reacted heavily leaving the huge negative impact on capital market which resulted in the share market crashed on last Friday 28th Feb 2020 and it is continuing.
Yes Bank which is the dual victim now gets affected more by Novel coronavirus as well as the new development made by RBI to put the withdrawal limits up to Rs 50,000 till 3rd April 2020.
This sudden news has saddened the Yes bank's account holders as well as the shareholders in Yes Bank. The shares of Yes bank has sharply fallen down and many investors have lost their hard earned money.
If you are a shariah sensitive investor and trading in Share market, you are the lucky one who are safe from this huge impact since you are not investing in shares of Yes Bank which deals with conventional financial and banking products, hence it has been classified as Shariah not compliant.
To know more about Shariah Compliant stocks in India:
In this context, you have common questions in your mind whether the money for depositors is safe and when the withdrawal limitations will be over.
In a press conference, Mrs Nirmala Sitharaman has assured the depositors not to worry and their money is safe and RBI would protect depositor’s interests, She also said the government and RBI together would protect Yes Bank Depositors money. Here is the statement that you can go through.
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