As the private sector lender Yes Bank has been going through a hard time, its customers and depositors are suffering the most. Not only the common public but now Nagpur Municipal Corporation (NMC) has also been included in the list of the ones who’s funds have been stuck in the ongoing issues.
The prior cash crunch going on with the civic body now has entered into another loop of paucity of cash. Around 95 crore of NMC,which were provided by the Chief Ministers funds are known to be stuck in Yes Bank.
Reserve Bank of India has imposed a moratorium on Yes Bank, restricting withdrawals to rupees 50,000 per depositor till April 5. The officials have mentioned that this would not affect the developmental process and the ongoing functions would be running smooth as before.