Yes Bank ATMs Are Now Working, You Can Also Withdraw From Other Bank’s ATMs; Founder Arrested

In a late night tweet, Yes Bank has informed that their ATMs are now working fine. Infact, Yes Bank customers can also withdraw money from other ATMs now.

But the limit of withdrawal has been fixed at Rs 50,000 for the next 30 days, as RBI has taken control over Yes Bank, and suspended all banking operations.

Yes Bank ATMs Now Working

Yes Bank tweeted: “You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs. Thanks for your patience”

You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs. Thanks for your patience. @RBI @FinMinIndia

— YES BANK (@YESBANK) March 7, 2020

This also means that slowly and gradually, Yes Bank debit cards will be allowed to be used at merchants, which was suspended for last 48 hours.

This is a big relief for Yes Bank customers, as they were not able to withdraw any money, branches were closed, and panic was setting in.

Yes Bank shares were down by 85% on the Friday evening, as panic gripped Yes Bank investors, and they started selling their shares to salvage some remains from this massive disaster.

We have already reported the 5 crucial reasons, why Yes Bank failed, and why RBI had to take control of the bank to maintain order.

As per some reports, EBI may chip in with Rs 10,000 crore as a ‘bail-out’ package to help existing customers of Yes Bank.

Yes Bank Founder Arrested

The Enforcement Directorate (ED) has arrested Yes Bank founder Rana Kapoor, in connection with the frauds and scams which has led to the downfall of Yes Bank.

Once upon a time, Yes Bank was India’s 4th biggest bank interms of deposits and customers.

This arrest has been made under Prevention of Money Laundering Act, and the ED arrested Rana Kapoor after interrogating him for 30 hours.

As per some reports, Rana Kapoor allowed Dewan Housing Finance Limited (DHFL) to take thousands of crores of bank loan, and received Rs 600 crore as a bribe. Rana Kapoor already knew that Dewan Housing Finance Limited (DHFL) is going to be bankrupt, and the kckbacks were received as an incentive to approve the loan.

Last year, RBI forced Rana Kapoor to step down as the founder of the bank.

We will keep you updated, as more details come in. 

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