Depositors in Yes Bank received a rude shock on the evening of 5 March. The RBI placed a withdrawal limit on depositors, that they could only withdraw Rs 50,000 from their accounts in the next one month.
The Reserve Bank of India also announced that it had superseded Yes Bank’s board of directors, for the next one month, and that this situation would be resolved soon.
But barely eight months ago, the government did the same thing with PMC bank, imposing a withdrawal limit on depositors because of the bank’s failure, which led to panic and thousands of citizens losing access to their savings.
So is Yes Bank in the same boat? What can you do if you have an account in Yes Bank? And how did we end up here?
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