Yes Bank crisis leaves petrol pump owners striving to pay oil companies

The moratorium placed on Yes Bank over restricted withdrawals has left petrol pump owners struggling to pay the oil companies.

According to reports, after the Reserve Bank of India, on Thursday (March 5) restricted the withdrawals from Yes Bank accounts to ₹50,000 per month, several petrol pump owners who have their current accounts in the crisis-ridden private bank have been unable to pay off their daily dues of about ₹30-40 crore.

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As per the President of Delhi Petrol Dealers Association, a total of 15 petrol pump owners are fully dependent on their Yes Bank accounts. Though the pumps have not been shut yet as their stock of petroleum lasts for about four to five days, but they’re uncertain as to how long will they be able to sustain in the current scenario.

The owner had opted for Yes Bank after the introduction of its Bunch Note Acceptor (BNA) machines in 2015 since it was the only financial institution which to provide such a facility, thereby cutting the hassle of carrying physical cash to the branch, as reported by NDTV.