Yes Bank on March 6 took a serious hit after it was taken under moratorium by Reserve Bank of India. After the RBI took control, it put a cap on deposit withdrawals at Rs. 50,000 a month. The decision lead to a temporary suspension of services by bank as well as services dependent on the bank such as PhonePe leaving citizens in deep trouble.
However, many people found a silver lining to the crisis and dished out hilarious memes with a #NoBank. Many users used the hashtag to poke fun at themselves while many others used it to pour their opinions on the economic crisis. Check out some of these here:
On March 5, the RBI imposed a moratorium on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital. RBI superseded its Board of Directors and appointed former Chief Financial Officer of SBI Prashant Kumar as its administrator for the meantime.
The withdrawals for customers have been capped at Rs. 50,000. However, an exception can be made on the grounds of a medical emergency, higher education costs, marriage expenses, and unavoidable emergency. The RBI has cited Yes Bank's “inability to raise capital to address potential loan losses” and “serious governance issues” as some of the reasons for taking action. The RBI on Friday unveiled a draft reconstruction scheme of Yes Bank in the public domain. Moreover, the RBI has invited suggestions and comments from the members of the public until March 9, 2020.