As the latest development in the Yes Bank row, it is believed that the crisis of the bank has started troubling the biggies in the Tollywood industry. The RBI has imposed restrictions on the withdrawals from the Yes Bank to just 50,000 per account holder.
This move came after the bank faced a long period of the debt troubles in turn which resulted in the bank struggled to raise the additional capital.
“Investors have no choice but to stay put. It is too late to exit the affected schemes. Mutual Funds are likely to write off or side pocket their exposure to Yes Bank,” said Prateek Pant, Head, Products, and Solutions, Sanctum Wealth Management.
It has been widely reported that some of the top Tollywood production houses have accounts in the Yes Bank. Generally, the companies hold multiple accounts for various needs like utilize overdraft services, apply for loans, etc.
Going by the new ruled imposed by the RBI account holders of the Yes Bank cannot take money from their account even though there is working capital in their accounts. Reportedly many Tollywood biggies have accounts in Yes Bank which will show an aggressive impact on the processing of these companies.
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