INSUBCONTINENT EXCLUSIVE:
MUMBAI: Mutual fund houses and brokerages Friday morning made frantic calls to their investors who are due to receive redemptions or payouts
into linked Yes Bank accounts.
The Reserve Bank of India (RBI) action late Thursday on the stressed lender came as a shock to many of its
customers using Yes Bank accounts for trading in equities or investments in mutual funds
Several stock brokers restricted investors from trading through Yes Bank accounts.
Several businessmen and large corporates park large
amounts in overnight, liquid funds for a short duration of time
These redemption proceeds are paid out to investors the next day by 10 am.
Equity mutual funds pay redemption amounts in four working days
withdrawal amounts from Yes Bank, we request all our customers to not transfer their regular trading and investments-related deposits into