Although a withdrawal limit of 50,000 INR ($704.22) between 5 March and 3 April for account holders in Yes Bank might appear amusing to some, it is a grim reminder of the precarious state of the economy for others. Social media platform Twitter has been flooded with all kinds of memes that tickle the funny bones of people:
Those with accounts at Yes Bank also couldn’t escape the memes. While some mocked their state of helplessness other targeted the ardent supporters of the federal government. The memes refer to these loyalists as “Bhakts” (devotees), who never question the Prime Minister Modi-led government’s policies. Finance Minister Nirmala Sitharaman was also targeted for the banking crisis.
While some Twitter users remembered India's former Prime Minister Manmohan Singh who had said "History will be kind to me" and "running a country is not a joke", another Twitter user opined that "this is the price that the nation has to pay for harbouring brainless communal bigots".
Last night (5 March), the Reserve Bank of India consulted the federal government and took the decision to supersede the Board of Directors of Yes Bank Ltd for 30 days. The bank was reeling under the pressure of bad loans.