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<ul><li>RBI placed <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes bank</keyword> under a moratorium, capping maximum withdrawals at Rs 50,000 per account. </li><li>Yes Bank’s ATM in south Mumbai's Horniman Circle shutters were pulled down late in the evening.</li></ul>Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month.Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well. At an ATM in south Mumbai's Horniman Circle, with the RBI headquarters overlooking it, the shutters were pulled down. The guard on duty said the machine was non-operational before he reported to work late in the evening and he was ordered to shut it after 2200 hrs. In the residential area of suburban Chembur, one ATM was dispensing cash but had a long queue of anxious depositors. One man said it was still possible to withdraw up to Rs 50,000 in multiple transactions from the machine. However, another machine nearby had run dry within minutes of the RBI announcement, a woman said. The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator <keyword id="219963" type="PERSON" weightage="20" keywordseo="Prashant-Kumar">Prashant Kumar</keyword>, an ex-chief financial officer of SBI.

Yes Bank's ATMs down after RBI restricts withdrawals at ₹ 50,000

<ul><li>India’s largest bank has done away with the requirement of a minimum average monthly balance requirement for saving account holders.</li><li>The State Bank of India (SBI) has also rationalised the interest rate on savings accounts to a flat 3% per year.</li><li>The move comes at a time when SBI is looking to buy 49% stake in the troubled Yes Bank.</li></ul>India’s largest bank, the State Bank of India (SBI), has waived off the requirement for depositors to maintain an average monthly balance in their accounts. It has also rationalised interest rate on savings bank accounts to a flat 3% per annum. The move comes at a time when the government-owned bank is poised to buy 49% stake in Yes Bank as a part of the Reserve Bank of India’s (RBI) scheme to rescue the troubled private sector entity. When the RBI initially announced its plans, SBI’s stock saw the <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">sharpest fall in over seven years</a>. The move to increase the liquidity of its depositors while also reigning its fund outflow could be a way to win back some faith with its 44.51 crore account holders. No more minimum balance requirement for SBI customers Before today, SBI customers had to maintain a monthly average depending on the branch they signed up with — urban, semi-urban or rural. The penalty charges also varied from branch to branch. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Branch type </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average monthly balance requirement </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metro/Urban </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Semi Urban </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rural </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 </td></tr></tbody></table>Source: SBI If an account holder did not maintain his monthly balance requirement, he was charged a penalty of anywhere between ₹5 to ₹15 depending on the level of shortfall. The rate of interest on saving deposits also varied with deposits up to ₹1 lakh subject to returns of 3.25% per year and deposits greater than ₹1 lakh seeing benefits of 3%. However, with the new regulation in place, all bank deposits will accrue a flat rate of 3% per annum. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a>

SBI customers will no longer be penalised for not maintaining average monthly balance

New Delhi, Jan 29 () Maintaining 'Rating Watch Negative (RWN)' on Yes Bank, India Ratings on Wednesday said the lender continues to remain in discussions with potential investors but raising sizeable capital in the near-term could be challenging.
 RWN indicates that the rating will be either affirmed or downgraded.
 India Ratings and Research (Ind-Ra) said it continues to await developments on Yes Bank's equity raising, which in the rating agency's opinion is critical for providing sufficient cushion to the possible credit cost impact from the stressed asset pool on regulatory capital requirement in the short- and medium-term.
It has maintained RWN on the Basel III tier-2 bonds of Rs 11,000 crore, additional Basel tier-1 bonds of Rs 11,100 crore and infrastructure bonds of Rs 3,580 crore. 
The agency has withdrawn the bank's short-term rating since there is no outstanding against the same.
"Although the liquidity position of the bank seemed adequate at end-September 2019 (liquidity coverage ratio of 114 per cent), Ind-Ra believes that in the absence of any swift capital raise, the bank's ability to manage its asset and liability maturities could get tested further.
"The bank continues to remain in discussions with various potential investors. However, Ind-Ra believes raising sizeable capital in the near term could be challenging and could require various regulatory and other approvals," it added. 
Ind-Ra would be reviewing the rating on the bank again in February.
The key rating drivers included delays in capital raising and rapid credit migration over the last few quarters in some of the bank's corporate exposure spread over multiple sectors.
The bank's liquidity coverage ratio was 114 per cent at end-September as against the regulatory requirement of 100 per cent.
It also said that bank's business model could evolve and may settle at lower non-interest income levels.
Yes Bank had initially planned to raise capital of over USD 1.2 billion in the current fiscal, but its board has rejected the binding term sheets of USD 1.2 billion offered by Canadian investor SPGP Group/Erwin Singh Braich. 
 Also, the decision to consider the binding term sheet of USD 500 million by Citax Investment Group is yet to be finalised by the board. 
 "Furthermore, the various approvals that the bank and/or the investors may require could extend the timeline of the proposed equity infusion," Ind-Ra said.
Mumbai-headquartered Yes Bank is a new generation private bank incorporated in 2004. The bank's asset size stood at Rs 3,71,160 crore at end-June 2019, with a net profit of Rs 1,720 crore in FY19. KPM ABM

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Yes Bank's ATMs down after RBI restricts withdrawals at ₹ 50,000

PTI

SBI customers will no longer be penalised for not maintaining average monthly balance

Prabhjote Gill

Raising sizeable capital could be challenging for Yes Bank: Ind-Ra

PTI

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