No cash in ATM

Prime Minister Narendra Modi’s remarks on Union Budget 2020

YES BANK’S NO TO DEPOSITORS:  A ROTTEN SIDE OF INDIAN BANKS

No cash in ATM, nearly forty persons   waiting their turn to get some cash in the line and the lady cashier, wearing a mask, unable to satisfy the customers, another employee trying to pacify an enraged depositor by saying that everything will be normal in a day or so. It was the scene in a local branch in Panchkula, a Haryana town in the periphery of tricity Chandigarh, on March 6,2020 at nearly 3.40 PM. The queueing people were the depositors of the Yes Bank, which has gone in the ditch due to wrong policies of the Bank and failure of the Central Government and watch dog RBI to smell the mephitis of the system well in time. An officer, sitting on the side seat and having no name plate, though himself seems frightened says, “Sir, it’s true that ATM and Net banking are not functional at present, but we are paying everyone up to the marked limit of Rs50000/ in cash. We are having no dearth of cash, but due to Central Government and RBI guidelines we are bound to maintain this limit till April 3. SBI is ready to get stake of our bank and everything will be OK very soon.” When asked, “Why the position of the Yes Bank deteriorated”, the officer said, “Sir, Banks also do the business and every business has the risk. Some   loan portfolios financed by us gone bad and the result has given us the jolt. Sir, our finance minister has also assured to watch the interest of the depositors.” After the incident of Punjab & Maharashtra Cooperative (PMC) Bank failure (https://indianewsfront.com/category/business-economy/), once again one more public money collector, the Yes Bank, has shown the ugly face of Indian Banking System (IBS). It has shattered the belief of lakhs of people who deposit their hard-earned money in the banks to keep it safe and secure. But it has also unmasked that how the bank regulators including RBI and NABARD, managements, internal auditors and statutory auditors are unserious and keep their vigilant eyes closed. Above mentioned auditing and checking authorities, responsible for curbing…