In a move late Thursday night, the Reserve Bank of India (RBI), placed a freeze on Yes Bank, superseding its Board of Directors with immediate effect for a period of one month. The move came as a result of what has been described as a ‘decline in the bank’s financial situation.’ Additionally, the central bank has also capped deposit withdrawals from Yes Bank at Rs 50,000 per account. Minutes after the government imposed and restricted withdrawals, reactions to the development began pouring in thick and fast on Twitter. Also Read - What is RBI's 3-Month Moratorium? Will EMI be Deducted From Your Account? Here Are Your Answers
Soon #YesBankCrisis started trending on social media. Also Read - Yes Bank Gets New Board, Decides to Raise Additional Rs 5,000 Crore
Find some of the most hilarious memes here…
However, there are some exemptions under which account holders are liable to withdraw more than Rs 50,000 and up to Rs five lakh, subject to certain conditions/exemptions.
The exemptions are as follows:
– To pay for medical treatment
– Covering higher education costs, either in India or abroad
– To pay for ‘obligatory expenses’ for occasions like weddings etc.
– Any other ‘unavoidable emergency’
The first three provisions are applicable to an individual and his/her dependents. The payouts, should one of the aforementioned situations arise, can be made by a general or special order from the RBI.