Businesspersons who have an account in crisis-ridden private Yes Bank rue their fate as they are unable to carry out regular financial transactions in the wake of the Reserve Bank of India placing it under moratorium from March 5.
“We opened accounts in the new-age private bank as the services offered by the staff are far better than other banks,” said a group of clueless customers standing outside the Yes Bank branch on the busy Kurnool road here as the RBI capped withdrawals to ₹50,000 till April 3. “'I am not in a position to meet my commitment to my counterpart in Mumbai,” said a cloth merchant Srinivasa Rao from the Bapuji market complex. “How is it possible to wait for a month without doing any business,” added another businessman Venkateswara Rao, who sources marble slabs from Rajasthan. They were unable to carry out even online transactions, they complained.
Emergency expenses
Meanwhile, the bank staff said depositors need not panic as the RBI would decide on the next course of action early. Those who needed money to meet emergency expenses like medical treatment, education and marriage, could withdraw up to ₹5 lakh.
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