Money & Banking

As customers face trouble #yesbankcrisis sweeps Twitter

Mumbai | Updated on March 06, 2020

Moments after the Reserve Bank of India superseded Yes Bank and placed it under a moratorium, distressed people, who cannot use Yes Bank ATM cards and can only withdraw up to ₹50,000, took to social media to pour out their anger on the Centre. Twitterati slammed the BJP-led Centre under #YesBank #yesbankcrisis.

Enraged over the ruling dispensation, a user tweeted: “Historic banking & liquidity crisis in India. Banks are shutting down, unemployment all-time high. No new jobs. Rather than finding tangible solutions, @PMOIndia engaging people & media whether he should use social media or not like trifle issues. #YesBank #yesbankcrisis.”

Saral Patel, Congress leader, explained the gravity of the crisis, comparing it with Punjab and Maharashtra Cooperative Bank. His tweet read: “Why #YesBankCrisis is BIG -

#PMCBank, placed under similar moratorium only had- 137 branches, 800 employees, 10+ depositors lost their lives. #YesBank- One of the top 20 banks in India. 1,122 branches, 18,238 employees. Imagine the chaos this will cause.”

RBI, on March 5, declared that Yes Bank Ltd. placed under moratorium, and posted a tweet regarding the same. Bemused at the move, Twitterati took a jibe on the present government in the comment section of the RBI’s post. A comment on RBI’s post read: “Great. So what were you guys doing when the bank was going down the drain? Will you at least name the people who didn't act? Who is going to reimburse the investors?”

Another comment read: “WOW you have done it ONCE again. RBI is great, one by one all banks will be placed under 35a, and all will have RBI administrator, Indian's wake up, remove Cash and close all your accounts from all the banks in India.”

RBI mentioned that it will reveal its plans for Yes Bank in 30 days. While Finance Minister Nirmala Sitharaman has assured the public that their money is safe with Yes Bank and there is no need to worry. Yes Bank is the second bank that has been kept under moratorium in last one year after PMC.

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Published on March 06, 2020
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