Mumbai: Yes Bank customers demand ATM services as holidays approach | Mumbai News

MUMBAI: For the second day after Yes Bank‘s collapse, angry, helpless depositors queued up to withdraw whatever sums were possible from their bank branches. They dismissed the Enforcement Directorate (ED) action against promoter Rana Kapoor and his three daughters as “too little too late” and demanded to know if the proposed resuscitation by SBI-LIC would be swift enough to help recover their money.
The withdrawal limit of Rs 50,000 was inadequate for most people. Some complained that they were unable to access salaries for household expenses or for the festival of Holi which comes up March 10. They recalled how PMC Bank had collapsed just ahead of Diwali 2019.
Roy Sequeira, an account holder from Parel said, “The RBI and Yes Bank administrator need to get their ATMs and online banking services up and running. That will bring a measure of relief. At present we can only withdraw money from branches. Bank branches will be closed Sunday followed by another holiday for Holi on Tuesday so the queues will lengthen on Monday. Already it takes two hours in line after getting a token so one can imagine how waiting time will increase next week.”
As the days wear on, there is the omnipresent fear that consumers in distress, especially elderly pensioners, could suffer health ailments as they wait long hours in queue. “Everywhere, one can see silver haired people braving the summer heat to visit bank branches. This is a disaster in the making,” said Shami Sidhu of Mulund.
The erosion of faith in the Central government and RBI was never more evident. At the Sunil Niwas branch in Four Bungalows, Andheri, nearby store owners had been alert enough to withdraw their money as reports emerged about Yes Bank’s failing fortunes. “We had been reading about the bank’s nonperforming assets (NPAs) rising, so we knew this bank will not last long,” said the owner of a drapery shop. “So the few of us who have accounts there removed most of our money. I still own a current account though.”
His neighbouring store selling white goods deposits its employees’ salary in another large private sector bank. “We are waiting to see when that closes. Yes Bank was the fourth largest private bank in the country so what hope do the rest have,” a staffer mocked. Another shopkeeper said, “If you keep money at home the government delivers notebandi (demonetisation). If you keep it in banks, then you get ‘bankbandi’ (bank closure). A fine state this country has come to.”

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