How safe is your money in the bank?

WorklifeIndia

Worried customers were seen queuing up outside Yes Bank's branches in India earlier this month. The reason? The country's fifth largest private bank suspended its operations and was placed under a 30-day moratorium by the Central Reserve Bank of India. The troubled lender's collapse comes after the fall of another big bank in 2019.

In the last four years, several other cases of fraud have been reported in the wider finance sector. The latest case has worsened fears that India's banks are under stress and not doing terribly well. So should people be worried about the safety of their money?

Are there any safety nets in place? And are there any knock-on effects? We ask how depositors can better divide savings and whether there are any quick fixes to their immediate troubles.

Presenter: Devina Gupta Contributors: Sanchita Mukherji, senior private wealth manager; Harsh Roongta, ex-banker, financial adviser; Mihir Sharma, economist

Photo: A bank counter in India during a period of anxiety amongst savers Credit: Satyabrata Tripathy/Hindustan Times via Getty Images