DigiHuman approach to reduce stress levels of YES Bank Retail Customers

YES Bank customers have had a roller-coaster ride in the last few days. 

As YES Bank customers can withdraw up-to INR 50,000 through ATMs, the physical rush at its branches is thinning down.

Now, the next challenge for customers, to withdraw more than INR50,000 but less than INR5,00,000 or available balance, which ever is less.

Disclaimer: These are my personal views only and do not reflect the any other’s views.  

I Pray to God that the need for RBI to activate this clause never arises.

Ref: MINISTRY OF FINANCE (Department of Financial Services) (BANKING DIVISION)

NOTIFICATION New Delhi, the 5th March, 2020

QUOTE

Without prejudice to the conditions stipulated in paragraph 2(a) of this Order in relation to payment to any depositor of the said banking company, the Reserve Bank may by a general or special order, permit the said banking company to allow payment to its depositors an amount in excess of Rs. 50,000/- (Rupees fifty thousand only) to meet unforeseen expenses, as under:

(i) in connection with the medical treatment of the depositor or any person actually dependent on him;

(ii) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India;

(iii) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him;

(iv) in connection with any other unavoidable emergency:

Provided that the amount so allowed to be paid out of the balance lying to the credit of the depositor—

(a) shall be reckoned towards the payment due to him under any scheme of reconstruction or amalgamation as may be sanctioned by any competent authority in relation to the said banking company and subject to such conditions as may be provided under such scheme about appropriation of any payment made to a depositor of the said banking company before or on the coming into force of the scheme; and

(b) shall not exceed the sum of Rs. 5,00,000/- (Rupees five lakh only) or the actual balance lying to the credit of the account of such depositor, whichever is less.

UNQUOTE

Indicative approach to reduce the stress levels:

Maximum paperless, minimal human intervention, Dash Board

SEBI is already following ‘Digital Claim Process’ to process PACL Refunds.

More details can be read at the below links:

https://www.sebipaclrefund.co.in/

FAQs to enable PACL investors submit their claims @ https://www.sebipaclrefund.co.in/Pdf/en/FAQs.pdf

FORMAT OF BANKER’S VERIFICATION LETTER @ https://www.sebipaclrefund.co.in/Home/BankLetter

Cancelled Cheque Leaf @ https://www.sebipaclrefund.co.in/Home/CancelCheque

The main differentiator between PACL Refunds and YES Bank additional withdrawal is the various purposes for which withdrawals are permitted in YES Bank.

Hence the necessary documents will vary from one ‘unforeseen expense’, to another ‘unforeseen expense’,

Sr No	Scenario	Proposed Application flow
01)	Customers with Mobile Banking / Net Banking Access	Application process in case of above scenarios can be via Mobile Banking / Net Banking
02	Customers without Net Banking / Mobile Banking Acess	Application process in case of above scenarios can be via Mobile Banking / Net Banking Micro Site at www.yesbank.in
03	Senior citizens who are not tech savvy	Physically carry documents to YES Bank designated branches, and YES Bank will upload the documents in the dedicated website.

As the process flow can be like ‘PACL Refunds’, I am not elaborating much on the same.

The supporting documents required under each ‘unforeseen expenses’, should be arrived at and be part of the FAQs

All pay-outs to be other bank accounts only. Cash Pay-out is for Senior Citizens only.