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YES bank users face NO as UPI and withdrawals are capped

Author at TechGenyz Business
YES Bank Crisis

If you are a YES Bank user then you are quite familiar with the recent happenings with the bank's affairs. If you are not then read this news till the end.

On Thursday a massive instruction was placed on YES Bank by RBI. YES, Bank is put under moratorium and a limit has been set as to what amount a bank-user can withdraw which is Rs 50,000. This means that if you are a person using YES Bank then the amount till which you can withdraw has already been decided by the bank.

Neither RBI nor YES Bank has provided any information as to how long will this newly implemented restriction will be valid. RBI has however confirmed that it will all steps to ensure financial stability. It has also claimed that this situation is 'not a sectoral problem' but rather 'bank-specific'.

Since an ill-organized bank disrupts the life of every bank account holder, let us focus on how they have shared their thoughts and views on Twitter. Few of them have claimed that the crashing of the bank was inevitable as it was performing poorly.

While some others have questions as to what will happen after the limit of Rs. 50,000 is reached. Some of them are blaming RBI for its biased decision as they believe that the working class receives its salary between the 1st -10th day of every month.

Some of them have even shown concern that using Ola or Uber cab service under the current circumstances is extremely difficult. One user has commented that in the name of a cashless economy, the people have become cashless.

Not just high-class people, common people like vegetable vendors and other humble businesspersons are also affected by this situation. But the most important problem is that Online apps like UPI are also not working and Twitterati has shared many screenshots claiming so.

While fund transfer has been disabled, the customers are allowed to view their balance and other 'non-financial transaction' and the Twitterati is all red-faced due to that. Hence ATMs are also not doing their jobs!

After the government intervened India's largest lender SBI put its foot in YES bank that picked 49% share of the bank. The state-run lender will invest as much as Rs. 2,450 crore and could explore the possibility of more shares sooner than later to make YES bank financially stronger.

Now as you are aware of the current situation, make a wise decision as to how you intend to use your cash at hand. We hope that this doldrum is soon pacified and customers get to use their own money as fast as possible.

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