Mumbai

Security tightened at Yes Bank branches

Panic rush: Account holders stand in a queue to withdraw money from the Yes Bank branch at Talaopali in Thane on Friday.

Panic rush: Account holders stand in a queue to withdraw money from the Yes Bank branch at Talaopali in Thane on Friday.  

Security at Yes Bank headquarters, its branches, and ATM booths across Mumbai was tightened to avert any untoward incident, as hundreds of account holders of the crisis-hit private lender rushed to withdraw money, an official said on Friday. The RBI on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at ₹50,000 per account till April 3.

Long queues were seen outside branches. At the Ghatkopar (West), Chakala, and Andheri (East) branches, bank employees were at regular intervals heard telling the confused customers that the step was taken as a precautionary measure, and that it would bring no harm to the depositors’ hard-earned money.

Anil Bhagat, a driver, said he needed cash on an urgent basis as his family had arranged a puja at his residence. “My daughter’s salary was credited on Thursday but it was only after she got a call from her employer, we knew about the restrictions. At least the bank should update its customers on the situation so that they can keep themselves prepared for a tough situation.”

The Ghatkopar branch was out of cash by 1 p.m. and the authorities had to call for more cash. Seventy-five-year-old Suryakant Sethia, who visited the bank with his wife to withdraw money, said, “We use the interest from our fixed deposits for living. Fortunately, both of us are healthy but if any medical emergency comes up, we will be in trouble.”

Another depositor, who had visited the bank to withdraw her fixed deposit, was not allowed to do so as a bank employee said the internet on the system for withdrawing the FD was down.

Shekhar Pujari, a businessman, said he had deposited a cheque for over ₹50,000 on Thursday, but was yet to get clearances from the bank. “I had heard a month or two earlier that the shares of the bank had lost their value. On asking the bank about it, they had told me to not worry about it and therefore I continued with this bank on trust.”

(With PTI inputs)

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Printable version | Jun 6, 2020 1:42:24 AM | https://www.thehindu.com/news/cities/mumbai/security-tightened-at-yes-bank-branches/article31005299.ece

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