Union finance minister Nirmala Sitharaman’s assurances have failed to assuage the fears of panic-stricken Yes Bank customers, with many scrambling to withdraw their money and close their accounts.

A frantic rush among customers was seen near the only Yes Bank branch in the steel city at SNP area in Sakchi on Saturday morning.

“I do not care about the government assurances. I have turned up at the bank to withdraw whatever amount I have and close my account,” said Devvrata Agarwal, a student who stays in Northern Town, Bistupur.

He said he did not mind standing for hours in the long line to get his work done.

Cash-starved Yes Bank was on Thursday placed under a moratorium, with the Reserve Bank of India (RBI) capping withdrawals at Rs 50,000 per account for a month and superseding its board.

On Friday, Sitharaman assured customers that their money was safe and there was no need to worry.

However, customers were in for a shock when the bank’s ATMs ran dry.

“I came to know about the news yesterday (Friday) evening and tried to withdraw money from the Sakchi ATM, but could not,” Pranab Kumar Choudhary, a resident of Sakchi, said. “When I came to the Yes Bank branch in Sakchi, I saw a notice informing customers that withdrawals can be done through cheques only. I had to go back home and bring my chequebook. My entire day was wasted in this exercise.”

People also faced problems while using their Yes Bank debit cards for online payments.

“I usually swipe my Yes Bank card at fuel outlets. I was unaware of the developments and tried to swipe the card at a fuel outlet in Bistupur, but my card got declined. Fortunately, I had with me a friend who loaned me the money. I rushed to the bank and got information about the RBI moratorium,” said Sunny Bhatia, a resident of Bistupur.

The bank officials remained tight-lipped. “We are not authorised to issue statements. We are abiding by the rules laid down by our head office,” said Yogesh, the branch manager of Yes Bank in Sakchi.