Stock market investing is risky?? Do you have a savings account with YesBank?
In the overnight announcement by RBI, YesBank is been prohibited from releasing more than INR 50,000 Rs for a month as there is no recovery in business health and NPA recovery is almost nil.
So if you have a savings account with YesBank or Paying EMI via Yesbank or Bought YesBank Shares Here is what you have to do:
- If you have bought Yesbank shares, the stock tanked 25% today and hit its lower circuit, try to exit this as soon as possible as the prices could go down to as low as 2-5 rs per share.
- If you are trying to hedge your YesBank position by buying a Put or selling a Call, don’t be very aggressive and BSE has decided to remove YesBank from Futures from June month contract onwards. Currently in March month we have March, April and May contracts Active. Post May month, YesBank to be Delisted from Futures and Option segment.
- If you have Savings Account in Yesbank and have deposited more than 50,000 INR, currently you can only withdraw INR 50,000 as per restrictions imposed by RBI, However No need to Panic as this rule is valid only for a month and RBI and its authorities are trying to solve this issue and protect YesBank users wealth.
- If you are paying EMI via YesBank, you can pay EMI only upto INR 50,000 for current month, You can contact your EMI receiving banking partner and brief them about the situation, a lot of banks have come ahead and providing little relief to EMI payers of YesBank.
- If you are using platform like PhonePE, which uses Yesbank as banking partner for fund transfer, you will find it down for Several hours till they fix the issue.
- In emergency like medical emergency or Educational loan, RBI announced relief upto INR 5Lac, i.e. a user can withdraw up to INR 5 Lac rs in such emergency.
- If you have less than INR 50,000 in yesbank current or savings account, immediately transfer it to other bank and close it.
- If you have more than 50,000 INR, No need to panic and RBI is doing their best to protect investor capital.
- If you are having YesBank shares, try to sell them at the earliest as there is no sign of recovery.
- If you are paying EMI via Yesbank, the other banks will help you pay EMI via their platforms.
- SBI and LIC likely to buy 49% stake of Yesbank at valuation of INR 2 per share and hence we can see the stock slipping down very soon.
If you thought investing in Stock market is risky as there is no assurity in market, think again before saving your hard earned money with these reputed banks.
Is your money safe in their account or locker??
- Always Diversify your wealth
- Invest a part of it in Mutual fund, ELSS(Tax saving schemes), Blue chip stocks, Gold, Government Bonds, ULIPS, FD/RD etc.
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- We at PurpleTrades are arranging free financial planning sessions with our Experts.
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