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“Yes Bank” crisis hits Meghalaya’s rural banking

The “Yes Bank” crisis has hit the rural banking sector in Meghalaya . The two rural banks of Meghalaya …Meghalaya Co-operative Apex Bank and Meghalaya Rural Bank are availing of technical support from Yes Bank for operationalising some of their services. As a result, some of the services of these Banks have been temporarily disrupted, this has created panic among the depositors and customers at these rural banks, on Saturday evening Meghalaya Chief Minister Conrad Sangma chaired a high-level review meeting and later briefed the media where he claimed that the deposits and the financial health of both the rural banks are absolutely fine and that yes bank was only giving tech support and was not having any transactions with these two banks. Sangma added that they are looking for alternatives… For past two days ATM , mobile banking and even back bone network for both these two banks have crashed following the yes bank crisis, offical sources added ..

The stage government in a press release have added 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 release further added. 

The meeting was called by the Chief minister after it came to the government’s notice 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, Shillong against the perpetrators. 

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