Yes Bank moratorium: ustomers worried over their savings

With the Yes Bank placed under moratorium, the people are worried about keeping their savings in banks. The safety of bank deposits has become a major issue among customers.

As soon as the news of the moratorium of Yes Bank broke out, customers rushed to the bank to enquire about the issue and several people withdrew cash from their account. The city has only one Yes Bank branch on Kalidasa Road in Jayalakshmipuram.

Sudha, a private company employee, who has her salary account in Yes Bank, said that initially, she was worried about her money but, she managed to withdraw the needed amount. “I was not able to transact cash, either through ATM or netbanking. I managed to get cash, by presenting a cheque at the bank counter,” she said.

Shambavi said, “I was shocked to see the news of moratorium. If this is the case with banks, what is the difference between private moneylenders and banks? Is it safe to keep money in banks? If we are restricted to use our own money, what is the use of saving money?” she questioned.

Questioning the withdrawal limit of Rs 50,000, Anoop, another customer, said that the system is worst. “What is the security for the amount? If we are not able to withdraw money from our savings account, what is the use of keeping money in banks? What is the guarantee for our money? I am trying to transfer money to my parents’ account for monthly expenses, but, failed. What is the use of having bank accounts and online system?” he asked.

A businessman was worried about the moratorium imposed on withdrawals from the bank. “I need a minimum of Rs 15,000 a day for my transaction. Now, I am allowed to withdraw Rs 50,000 per month. The authorities are asking for proof to withdraw Rs 50,000,” he told.

Nagappa of Jayalakshmipuram had opened an account in Yes Bank, a few months back and had deposited some of his savings for his daughter’s education and marriage. “I had an account in another bank. But, I shifted to Yes Bank. Now, I am worried about the money,” he said.

However, Yes Bank authorities claimed that the moratorium is temporary and the issue will be solved within a few days. The customers need not worry as the money is safe with the bank.

Not only customers of Yes Bank, but others too faced the heat as ATM, net and mobile banking services were hit. Manoj, a customer of State Bank of India (SBI), who uses PhonePe, an App, said, the governments are promoting digital payment.

“But, they failed to ensure quality service. I am trying to transact through the application, but, the system is blocked. Why does the government allow inefficient organisations to handle the applications? he asked.