The Reserve Bank of India on Thursday placed a moratorium on withdrawal by Yes Bank deposit holders.
Yes Bank – PDC Cheque Issued before 6th March, 2020. What will happen to them?
Will Yes Bank Honour Cheques That Were Already Issued?
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.
The PDC (Post Dated Cheque) more than the amount of 50,000 will be bounce. So, there is no use to present your cheque for clearing in Yes Bank if the amount is more than Rs. 50,000.
Draft Issued before 6th March, 2020 from Yes Bank. What will happen to them?
Will Yes Bank Honour Draft That Were Already Issued before 6th March,2020?
Drafts that were issued before March 5 are likely to be honoured, without impacting the cap of Rs 50,000. It means whether your draft is of the amount that is more than 50,000, then also it will be paid by the Yes Bank.
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.