Ever since the crisis broke out in private sector bank Yes bank, there has been a hue and cry among its depositors, customers including several top companies. While ttd had foresaw this crisis coming and withdrew its deposits of over 1200 Crore and saved itself from the unwanted crisis, apsrtc that is now part of ap state government isn't that lucky.
According to a section of reports, ap state government has tied up with the Yes bank and said to have deposited about Rs 120 Crore into the bank hoping high rate of returns. This is not all. It's reported that another 80 Crore of daily collection has been deposited in Yes bank and an additional 40 Crore from the Employees Provident Fund and transferred to the PF account of the same bank. On the whole, around Rs 240 Crore amount has been deposited into the Yes Bank.
And ap state government-led jagan reddy has started paying salaries to apsrtc employees through the Yes Bank. In fact, since Jan 2020, ap state government has started paying salaries directly instead of usual O.D method. Here is the catch. Now that Yes bank is in crisis and rbi had announced moratorium on Yes bank and the withdrawal limit was restricted to Rs 50,000 per month. This has given shock to the apsrtc officials making them clueless. At the moment, cm jagan and his government is in soup over tying up with Yes bank over salaries of apsrtc that was merged into the state government.
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