Yes Bank announced on Saturday night that its debit cards can be used for withdrawing cash at other bank ATMs also. The move comes after long queues were seen at Yes Bank branches and numerous complaints by customers that they were not being able to withdraw any money.
"You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs. Thanks for your patience," the bank said on Twitter.
A moratorium was imposed on the bank from 6 pm on March 5 (Thursday), and withdrawals were capped at Rs 50,000 per month. The RBI superseded Yes Bank Board for 30 days and appointed an administrator. Account holders lined up outside the bank on Friday, with frenzied customers trying to get their money out. Along with credit and debit cards, netbanking and UPI services were also down.
Serpentine queues were seen outside the bank's branches on Saturday.
An official told BloombergQuint on Friday afternoon that the bank was rejigging its systems to meet the Rs 50,000 cap, after which the systems would be brought back online. On Friday night, Yes Bank tweeted that its ATMs were functional. Withdrawals at all ATMs were only enabled on Saturday night.
"The bank shut down suddenly and it was announced that only Rs 50,000 can be taken out. When I tried to take out cash from other bank's ATMs, the attempt failed. Now, I have come here to see if I can take out the money from here," a Yes Bank customer told IANS.
Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank, which has over 1,000 branches and 1,800-plus ATMs across the country. On Thursday, Union Finance Minister Nirmala Sitharaman said that the bank was under watch since 2017 and developments relating to it were monitored on a day-to-day basis.
The RBI released a draft of Scheme of Reconstruction of Yes Bank on Friday and invited suggestions and comments up to Monday, March 9. The scheme states that State Bank of India (SBI) will acquire a 49% stake in the reconstructed Yes Bank by acquiring 245 crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank.
With IANS inputs