Meghalaya : RBI’s Yes Bank freeze cripples two banks in the state

Shillong (Meghalaya ), Mar 7 : The Reserve Bank of India has put Yes Bank under a moratorium of thirty days from March 5 .

At present the Meghalaya Co-operative Apex Bank and Meghalaya Rural Bank are availing of technical support from Yes Bank for their operational services.

As a result, some of the services of these Banks have been temporarily disrupted and efforts are being made to restore these services at the earliest possible. It is also pertinent to mention that there is no financial implication on both the Banks vis-à-vis Yes Bank being put on moratorium and this is a technical issue.

Both the Banks are fully committed to and are in sound financial position to honour all commitments to their customers and request their customers to bear with them during this time of disruption of service.

Both the Banks have been conferred Scheduled status by the Reserve Bank of India, a clear indication of their financial soundness and strength.

The Government of Meghalaya also has no intention to withdraw any of their deposits from these Banks since it is confident of their well-being.

It has also come to the notice of both these Banks that some messages are circulating through social media urging people to withdraw their funds from both the Meghalaya Co-operative Apex Bank Ltd. and the Meghalaya Rural Bank.

In this regard, an FIR has already been lodged with Sadar Police Station, here against the perpetrators.

Both the Banks and the Government request members of the public to ignore such messages.

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