Govt limits withdrawals from Yes Bank at Rs 50,000

The bank cannot pay depositors more than Rs 50,000 during the moratorium period which is till April 3, 2020, as per the notification issued by the Ministry of finance. The Rs 50,000 cap not applicable on any draft/pay order issued by bank, as per the notification. The move comes amid reports of State Bank of India-led consortium getting ready to bail out Yes Bank.

from Personal Finance News-Wealth-Economic Times https://ift.tt/2PMVEgA