The government has asked Reserve Bank of India (RBI) to bring YES Bank under moratorium after it found several lapses including governance issues, weak compliance and wrong asset classification.
The central bank has been directed to assess the cause of the problem and identify the individuals who created them.
The government and RBI have assured depositors that their money is safe and there was no need to panic, yet customers are concerned as the central bank has limited withdrawals to Rs 50,000 only until April 3.
In this CNBC-TV18 Special Podcast, host Jerome Anthony discusses the YES Bank saga with banking expert Ritu Singh. The duo talk about the panic among customers and how things could unfold.
Lastly, Singh reveals what the common man should do to ensure their money is safe in case their bank collapses.
Listen in to the podcast for more.