New Delhi: The government has imposed a temporary ban of 30 days on this private sector bank. Due to which the withdrawal limit for account holders has been fixed at 50 thousand rupees. After the decision of this government, there is a lot of commotion among the customers of Yes Bank. People started arriving at the ATM at night and there was a competition to withdraw money. Meanwhile, the ATMs became empty on sight. Customers say that they were not given any information about this from Yes Bank or the government. In this way, the problem has arisen for them. Some people say that their Holi is spoiled.
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Yes Bank, headquartered in Mumbai, was established in 2004. By the end of June 2019, the bank's capital size had reached Rs 3,71,160 crore. Yes Bank is in crisis since August 2018. At that time, the Reserve Bank had asked Rana Kapoor, the then head of Yes Bank, to leave the post by 31 January 2019 due to operational lapses and loan-related flaws. At the same time, under the leadership of his successor Ravneet Gill, the bank has disclosed such pressurized assets, which were not given timely information. With this, Yes Bank had losses for the first time in the January-March, 2019 quarter. This private bank had initially planned to raise capital of two billion dollars. Subsequently, the board of directors of the bank turned down a proposal to invest $ 1.2 billion by Canadian investor SPGP Group-Irwin Singh Brych.
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The government has approved a plan to buy a decisive stake in Yes Bank to a group of banks led by the State Bank of India, facing a cash crunch. At the same time, according to sources, its official announcement can be made soon. Let us tell you, the private sector Yes Bank is struggling with a deep problem of submerged debt (NPA). This bank wants to raise new capital, but its plan is facing many problems. Yes Bank has postponed the announcement of the results for the October-December, 2019 due to the current crisis. Due to the increase in NPAs, the bank's secured capital has come down. Sources told on Thursday that the government has entrusted the responsibility of getting Yes Bank out of trouble to a group of SBI-led banks. In the clarification sent to the stock markets regarding such reports, SBI has said that it will disclose the developments in this regard under the market regulator SEBI rules. The bank said, "We will follow the deadline to disclose any developments to the stock markets under Rule 30 of SEBI (LODR) Regulations, 2015."
