Yes Bank ATMs across several cities run out of cash after RBI imposed withdrawal limit of Rs 50,000.
After RBI capped withdrawal limit of Rs 50,000 on Yes Bank's depositors, people were witnessed queuing up outside Yes Bank ATM's across cities as many of them have run out of cash. The National Stock Exchange (NSE) has also imposed restrictions on Yes Bank shares in various segments, including futures and options.
The categories placed under restriction include debt, securities lending and borrowing scheme, currency derivatives, commodity derivatives, futures and options, as per the notification by NSE.
Yes Bank's shares fall a day after RBI imposed moratorium
Shares of Yes Bank on Friday plunged 25 per cent after the company was placed under a moratorium. The scrip suffered a massive beating and sank 24.96 per cent to Rs 27.65 -- its 52-week low -- on the BSE. On the NSE, it plummeted 20 per cent to Rs 29.45.
Online money transfer app PhonePe services impacted
The Payments firm PhonePe suffered an outage in its services on Thursday after its banking partner Yes Bank was placed under a moratorium by the government.
The firm tweeted last evening that its services were unavailable because of an 'unscheduled maintenance activity'. The payment firm took to Twitter and said: "We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause. We’ll be back soon."
Depositors funds will remain safe: CEC Subramanian assures Yes Bank customers
Chief Economic Advisor Krishnamurthy Subramanian on the Yes Bank crisis said, "I want to assure all depositors that their funds will remain safe, and there is no need to panic."
Yes Bank resolution very swiftly, says RBI Governor
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender.
“The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI,” Das told reporters here.
The decision on Yes Bank was taken at a larger level, not only to deal with the problem in an individual entity, but also to maintain stability and resilience of the Indian financial and banking sector, he said.
Ex-SBI CFO Prashant Kumar takes charge as Yes Bank new administrator
Yes Bank said Prashant Kumar, former deputy managing director and CFO of State Bank of India, has taken charge as its administrator. The private sector lender was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
Kumar taking charge as the Yes Bank administrator is in line with notifications issued by Department of Financial Services and the RBI.
(With inputs from agencies)
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