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RBI limits Yes Bank Withdrawals at Rs. 50,000

The Reserve Bank imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at ₹50,000 per account till further orders.

The board of Yes Bank has also been superseded with immediate effect, the Reserve Bank of India (RBI) said in a late evening statement.

However, the depositors will be allowed to withdraw more than ₹50,000 under the following conditions:

1) In connection with the medical treatment of the depositor or any person actually dependent on him.
2) Towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India.
3) To pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him.
4) In connection with any other unavoidable emergency.