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Old 7th March 2020, 15:51   #31
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

I see in this post people recommending SBI bank account. I have my bank account with ICICI (Salary Account), HDFC (recently opened and I transfer 20K every month from my ICICI to HDFC once I receive my salary) and Bank of Baroda (NRE account but now I am in India).
Do I need to make any changes?

I do use SBI but only for yearly PPF investment.
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Old 7th March 2020, 22:57   #32
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

Has anyone tried using their Yes bank credit card? I tried using it at Big Bazaar a while ago and it was declined every time! Is it something to do with the moratorium?
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Old 8th March 2020, 07:25   #33
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by nagr22 View Post
Has anyone tried using their Yes bank credit card? I tried using it at Big Bazaar a while ago and it was declined every time! Is it something to do with the moratorium?
Yes I think so, it is definitely due to moratorium.

The Yesrewardz website (where you redeem reward points) is now "under maintenance". Also, Netbanking doesn't work on the bank's website.

Has anyone else tried a fund transfer from his Yes Bank account to another account?
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Old 8th March 2020, 08:15   #34
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by raksrules View Post
I have my bank account with ICICI (Salary Account), HDFC (recently opened and I transfer 20K every month from my ICICI to HDFC once I receive my salary) and Bank of Baroda (NRE account but now I am in India).
ICICI & HDFC (I love HDFC) are relatively safe & the RBI would be seeing them as "too big to fail". If either of these banks were to crash, the Indian economy would crash too.

However, as we've seen so many times, there is no company that is too big to fail.

If you want absolute 100% safety, it has to be PSU only. I park all my big funds only at PSU banks, and even there, I spread them out across different ones.
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Old 8th March 2020, 08:28   #35
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by raksrules View Post
I see in this post people recommending SBI bank account. I have my bank account with ICICI (Salary Account), HDFC (recently opened and I transfer 20K every month from my ICICI to HDFC once I receive my salary) and Bank of Baroda (NRE account but now I am in India).
Do I need to make any changes?

I do use SBI but only for yearly PPF investment.
Just my personal opinion. Going by balance sheet strength HDFC and Kotak are the two strongest banks in India across PSU and Private. Indus Ind and ICICI would come next. SBI is safe because it is not only a PSU but the Govt's banker but its balance sheet is under a lot of strain as evident from its share price. A PSU bank is generally safe provided you are willing to live with their service levels - some like Canara Bank and Bank of Baroda can be quite good. Others less so.
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Old 8th March 2020, 08:34   #36
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by Oxy View Post
Yes I think so, it is definitely due to moratorium.
Oh! That's bad. I had an evil plan to use the credit card and not pay them in case the bank goes under the water with my deposit money
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Old 8th March 2020, 09:54   #37
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Last night development
SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed-1583641410569.jpg
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Old 8th March 2020, 09:59   #38
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

Rana Kapoor has now been arrested.


Link to news
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Old 8th March 2020, 12:55   #39
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

In India there is a concept called Domestic Systemically Important Banks (D-SIB) wherein RBI announces the name of these banks who are too big to fail and the list includes ICICI Bank, HDFC Bank and SBI. So IMO these banks are the safest ones.
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Old 8th March 2020, 19:09   #40
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

Seems that Rana Kapoor's daughter Roshni Kapoor, an alleged beneficiary of the Yes Bank fiasco, has been stopped from leaving the country.

Last edited by V.Narayan : 8th March 2020 at 19:12.
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Old 8th March 2020, 20:02   #41
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

Noob query...

My family have all their savings account in CITI and ICICI.
We do not have any account in any PSU Bank. Should we open an account in any PSU.
The savings and investments and are through Citi and ICICI is used for daily purchases.

Do we need to open an account in some another bank or is the current situation fine.
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Old 9th March 2020, 01:21   #42
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by nagr22 View Post
Has anyone tried using their Yes bank credit card? I tried using it at Big Bazaar a while ago and it was declined every time! Is it something to do with the moratorium?
A friend's recently issue Forex card issued by Yes has also stopped working. I guess they might have blocked all card transactions/online transactions.
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Old 9th March 2020, 01:34   #43
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

Other bank ATM transactions are working. This makes light work of withdrawing cash from the bank since I can, as usual, visit any bank ATM now. Netbanking and ECS will still not work, need to change the ECS instruction for the car loan.

Tried swiping the credit card, didn't work.

I could transfer funds (nominal amount) from one Yes Bank account to another one (both belonging to me and my wife with holder# reversed). That transaction will probably be counted against my 50k monthly limit.

Will keep adding updates here.
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Old 9th March 2020, 05:16   #44
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Default Re: SBI & LIC step in to save Yes Bank; withdrawal cap of Rs 50,000 imposed

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Originally Posted by MDED View Post
In India there is a concept called Domestic Systemically Important Banks (D-SIB) wherein RBI announces the name of these banks who are too big to fail and the list includes ICICI Bank, HDFC Bank and SBI. So IMO these banks are the safest ones.

I didn't know about this. Thanks for sharing the information.


If possible could you please direct us to any online resource that has the D-SIB list for 2019/2020? I did a quick search on the RBI website and I could only get the list from 2015.
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Old 9th March 2020, 07:29   #45
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Originally Posted by antz.bin View Post
I could transfer funds (nominal amount) from one Yes Bank account to another one (both belonging to me and my wife with holder# reversed). That transaction will probably be counted against my 50k monthly limit.
No. You can withdraw 1 lac total from both individual debit cards. Been there done that.

Cheers...
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