The financial sector of the country is witnessing an atmosphere of tremendous turmoil after the RBI imposed a month's moratorium on the private sector Yes Bank. The central bank has set a withdrawal limit of up to 50 thousand rupees in a month on the customers of Yes Bank. The bank's ATM service, Internet banking, and UPI service collapsed badly on Friday due to this. ED was arrested on Sunday by the co-founder of Yes Bank, Rana Kapoor. His daughter was stopped at the airport before flying from Mumbai to London.

Market falls heavily due to Corona virus and crude oil war

Global Trust Bank (GTB) is also being discussed a lot between the news of ban on Yes Bank and the acquisition of 49% stake in the bank by SBI. After the introduction of the new banking policy in 1991, the first-ever private bank, Global Trust Bank, had tremendous influence in South India at one time. Along with CK, this bank was started in Secunderabad. There were about 8 lakh investors in this bank at one time. This bank got stuck in trouble about 15-16 years ago. The bank faced a cash crunch in 2003-04. The situation worsened due to the increase in stuck debts. The RBI then intervened and forced the bank's founder chairman Ramesh Gilli to step down. He was accused of financial irregularities and embezzlement.

Coronavirus benefits and downsides garment industry simultaneously

By mid-2004, the crisis of the Global Trust Bank deepened. The RBI imposed a three-month moratorium on the bank on July 24, 2004 due to irregularities in giving information related to the balance sheet. The operations of this major bank of South India were partially banned. In the last week of July, RBI announced the merger of Global Trust Bank with Oriental Bank of Commerce (OBC) in 2004. GTB's proposal to merge with OBC was put on the RBI website. GTB merged with Oriental Bank on 14 August 2004. Investors did not get anything under this merger scheme but depositors did not suffer any loss.

Crude oil prices fall by 30 percent, petrol and diesel prices may decrease