Yes Bank Moratorium Live Updates: Inward Payment Using NEFT And IMPS Restored
Catch the latest news and live updates on the crisis that’s unfolding after Yes Bank was placed under a moratorium by government.
KEY HIGHLIGHTS
Yes Bank Founder Rana Kapoor Sent To Enforcement Directorate Custody Till March 11
Yes Bank founder Rana Kapoor, arrested under money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday. Kapoor, 62, was arrested by the ED under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.
The ED produced Kapoor before a holiday court which remanded him in the probe agency's custody till March 11.
Yes Bank Restores Inward IMPS/NEFT Transactions
Yes Bank has restored inward IMPS and NEFT transactions allowing depositors to pay credit card dues and loan obligations from other bank accounts.
Moratorium On Yes Bank May Be Lifted This Week, Says Prashant Kumar
The moratorium on Yes bank Ltd. could be lifted as early as this Saturday, according to Reserve Bank of India-appointed administrator Prashant Kumar.
“All of us are working towards lifting of moratorium much before the last date that is April 3, and it could be as early as this Saturday,” Kumar told BloombergQuint in an interview.
Kumar assured Yes Bank’s customers that their deposits are “absolutely safe”, and that they can withdraw up to Rs 50,000 this month, as per the RBI-imposed cap. He doesn’t foresee any issue on the liquidity front, with added “lines of comfort” from both RBI and the State Bank of India, if required.
RBI Says It Closely Monitors All The Banks, Reassures Depositors
Reserve Bank of India in a tweet reassured all depositors that their deposits are safe in any bank. The reassurance comes after the regulator and the finance ministry had to rescue Yes Bank.
Yes Bank Publishes Frequently Asked Questions
Over the weekend, the lender published a list of FAQs to help customers understand the impact of the moratorium on services. The FAQs are recreated below.
Q. Can I withdraw money from my account?
A. During the moratorium period, the customers can use ATMs and Branches to withdraw a total of Rs 50,000 from their accounts which they are holding in the same capacity and same right.
Q. Are the YES BANK ATMs functioning?
A. Yes, ATMs are functional. Click here to locate the ATM near you.
Q. Can I use my YES BANK Debit Card at other bank ATMs?
A. You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs to make withdrawals up to a total of Rs 50,000 from your accounts which you hold in the same capacity and same right.
Q. Is the prescribed limit of Rs 50,000 per day limit or an aggregate limit in the entire moratorium period?
A. The prescribed limit of Rs 50,000 is an aggregate limit for the entire moratorium period i.e. w.e.f. 6:00 pm on March 5 2020 till April 3rd 2020. The customers will be allowed to withdraw a total of Rs 50,000 (through all channels and across all products) from their accounts which they are holding in the same capacity and same right.
Q. If I have one account in the name of A and another in the name of A and B (joint account holders’), will I be allowed to withdraw Rs 50,000 each from these two accounts?
A. You will be allowed to withdraw a total of Rs 50,000 from both the accounts put together as you are holding these accounts in the same capacity and same right.
Q. Is the Rs 50,000 limit at Customer ID level or at account level?
A. The prescribed limit of Rs 50,000 is at Customer ID level (same capacity and same right).
Q. Can I get DD issued from my account? Will the amount of DD be included in my overall withdrawal limit of Rs 50,000?
A. Yes Bank clearing is currently suspended & DD/Cheque will not get presented in clearing by other Banks till further instructions or till reinstatement of clearing activities.
Q. Am I allowed to do RTGS/NEFT transactions from my account?
A. Online remittances including RTGS/NEFT are suspended as of now
Q. I have EMIs linked to my account. Will those be honoured?
A. All clearing activities are suspended as of now. Your EMIs will be honored up to the prescribed limit subject to reinstatement of clearing activities.
Q. What will happen to the cheques that I have written and issued to my clients?
A. All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honored till the clearing activities are restarted or further directive from regulator.
Q. I have deposited a cheque in my account at Yes Bank counter/drop box. Will that transaction go through?
A. All clearing activities are suspended currently. Yes Bank DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities.
Q. Am I allowed to raise a stop payment request?
A. Yes. You will be able to stop a payment which has already been initiated.
Q. Am I allowed to operate/access locker facilities?
A. Yes, you will be allowed to access your locker during this time period.
Enforcement Directorate Arrests Rana Kapoor
Rana Kapoor, founder of Yes Bank, had been arrested by the Enforcement Directorate on charges of money laundering, Press Trust of India reported on Sunday morning. Kapoor had been questioned by the agency on Saturday.
