Yes Bank crisis, another Blow for aam aadmi
Yes Bank, India’s fourth-largest private bank lands up in crisis. Depositors cannot withdraw more than ₹50,000 of their own hard-earned money
Yes Bank, India’s fourth-largest private bank lands up in crisis.
Depositors cannot withdraw more than ₹50,000 of their own hard-earned money.
For the next 30 days, Yes Bank will also not be able to grant or renew any loan or advance.
In the last few months, a similar fate has befallen depositors of cooperative banks.
At PMC Bank withdrawals were severely restricted by the RBI.
Depositors of several cooperative banks, have also faced similar restrictions.
These repeated restrictions have eroded the trust of the small depositors...
... in India’s already frail banking and financial systems.
RBI had put at least four cooperative banks under similar restrictions in 2019
Kolikata Mahila Cooperative Bank, United Cooperative Bank from West Bengal...
...Hindu Cooperative Bank from Punjab and PMC Bank.
PMC came in the public eye because it was a large cooperative bank.
Trust in India’s banking and financial sector is anyway at an all-time low.
‘Aam aadmi’ feels betrayed with painful decisions taken by the Modi government.
In its first term, this government announced demonetisation...
...rendering more than 80 per cent currency in circulation invalid.
Demonetization's disastrous consequences are being felt even today.
The financial system is still struggling with the aftershocks of demonetisation.
The Yes bank crisis is a sign of collapsing banking sector in India
The humble depositors are in panic as they are clueless about the bank's future
The stock markets and Yes Bank investors, are all deeply worried.