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Will Yes Bank Honour Cheques That Were Already Issued?
The Reserve Bank of India on Thursday placed a moratorium on withdrawal by Yes Bank deposit holders.
If you have issued a cheque that is in excess of Rs 50,000 and if the same is presented on March 6, chances are the cheque would bounce. You cannot have a debit into your account or a withdrawal that is in excess of Rs 50,000, after the announcement by the RBI on March 5 of a moratorium.
Drafts that were issued before March 5 are likely to be honoured, without impacting the cap of Rs 50,000.
The RBI governor has once again clarified that they are working on a swift resolution. The finer contours should be announced early as several individuals are now stuck with inability to withdraw their money.
Individuals who have a salary account with Yes Bank are badly stuck, if they have EMIs also to pay. It's a sad story for most account holders and the RBI and the government must move swiftly.
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