Yes checking account holders had withdrawn Rs 18,000 crore in 6 months

by Jeremy Spirogis
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new Delhi: Yes checking account holders withdrew Rs 18,000 crore from their accounts between April and September final yr. You can even be absolutely conscious that the RBI has set a most restrict of 50 thousand rupees to withdraw cash from Yes Bank, which is going through scarcity of money. The clients of the financial institution won’t be able to withdraw greater than 50 thousand in a month. At the identical time, in keeping with the financial institution's annual report and ranking businesses, Rs 2,09497 crore was deposited within the financial institution on September 30, 2019, which was Rs 2,27610 crore as on March 31, 2019.

Decline in account holders' deposits

It could also be famous that there was a decline of 8.64 per cent within the account holders depositing within the financial institution. Please inform that in this era of 2019-20, deposits in different banks noticed a rise of 9.2 p.c. While Yes Bank noticed extra withdrawals after September 2019. <! –

                 The figures are but to be formally launched because the determine for the December quarter is taking time attributable to issues with the determine financial institution. According to the knowledge, since September 2019, there was a lower of 10-20 p.c in deposits.

Deposit of 20 depositors Rs 24,673 crore

At the identical time, an industrial group from Gujarat is believed to have withdrawn its cash a month earlier than the intervention of IBI. In the identical case, Tirumala Tirupati Devasthanam stated on Friday that in October final yr, the financial institution had deposited Rs 1,300 crore. Similarly, managed by the Vadodara Municipal Corporation (VMC), the Vadodara Smart City Development Company withdrew Rs 265 crore deposited within the financial institution every week earlier than RBI's withdrawal cap. Funds of many firms are caught within the financial institution after RBI curbs the withdrawal from the financial institution. According to the annual report of Yes Bank, as on 31 March 2019, the deposits of the highest 20 depositors are Rs 24,673 crore, which constitutes 10.84 per cent of the overall deposits.

Deposit enhance as much as a document 44 p.c

The particular factor is that the financial institution had elevated the deposit quantity by a document 44 p.c in September 2017 to March 2019, which is Rs 1,57,989 crore. This was a time when banks have been doing effectively and RBI began reviewing asset high quality. According to the report, in September 2018, the financial institution had a deposit of Rs 222,837.9 crore. Prior to this, Rana Kapoor, the founder and former managing director of Yes Bank, was offered by the Enforcement Directorate in a Mumbai court docket on Sunday on expenses of money-laundering. The CBI has additionally filed a case in opposition to Rana Kapoor. A case of prison conspiracy has been registered in opposition to him. CBI officers are gathering paperwork on this case. The ED had issued a lookout discover in opposition to Rana Kapoor and his household.

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