Yes. It's a new tension for Tollywood. The tension is 'Yes Bank'. Reserve Bank of India has imposed a moratorium on Yes Bank.
The account holders of this bank can't withdraw more than Rs.50,000 for a period of one month. They may have parked lakhs or crores in their accounts. But they can only withdraw 50K.
Several Tollywood companies reportedly have their accounts in Yes bank. Usually, the companies maintain accounts in different banks. They maintain multiple accounts in different banks to utilize overdraft services, apply for loans, etc.
Now, Yes bank account holders can't withdraw money even though they have working capital available in their accounts.
The majority of the Tollywood producers have accounts in Yes bank. They have accounts in other major banks as well. Biggies like Suresh Movies, Geetha Arts, Dil Raju, etc., have either primary or secondary accounts in Yes bank.
If they are OD accounts, they will not have any issues because they have the bank's money with them. Otherwise, they will be in trouble because, Yes has their money!
