Yes Bank is being referred to as a disaster waiting to happen has brought in panic among its depositors, investors as even individuals who have loan or SIPs or insurance premium being linked to the Yes Bank account.
While the depositors considering the moratorium which is until April 3 have been assured of safety of their funds and also there have calls made by RBI Governor on the swift plans for the beleaguered bank that shall be readied before the end of moratorium term.
What will happen to borrowers from Yes Bank?
For them, subject to the upper limit, EMI against the loan shall still be debited and amount over and above this amount shall be available for withdrawal.
What if you have Insurance Premium and SIPs Standing Instruction with Yes Bank?
The same shall still be debited from the account as per the RBI's notification subject to the capped limit. Also, in respect of mutual funds for which there is pending redemption, AMCs have allowed fund redemption proceeds to be credited to some other bank accounts. Investors can give the mandate similarly for dividends.