Around Rs 700-Rs 800 cr of PCMC deposits with Yes Bank, Commissioner says 'nothing to worry'

The Pimpri-Chinchwad Municipal Corporation (PCMC) has deposits worth Rs 700 to Rs 800 crore in the Yes Bank, said Shravan Hardikar, Commissioner, PCMC.

"We had signed an agreement with Yes Bank for online transactions and tax recovery. Our entire income used to come through Yes bank where we must be having between Rs 700 and Rs 800 crore saving," Hardikar told ANI.

"Since restriction has been imposed on withdrawal from Yes Bank account, we are seeking directions from RBI regarding our money. But there is nothing to worry about as we have kept over Rs 4000 crore in other banks," he added.

Meanwhile, the Enforcement Directorate (ED) here on Friday conducted a raid at residence of Yes Bank founder Rana Kapoor.

ED has registered a case under the Prevention of Money Laundering Act against Kapoor.

On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the Reserve Bank of India, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.