Updated March 16th, 2020 at 13:50 IST
BIG: Yes Bank to resume full banking services after 6 pm on March 18, at branches & online
In a big announcement, Yes Bank has said that it would be resuming all of its banking services from March 18, including services on its digital platform
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In a big announcement, Yes Bank has said that it would be resuming all of its banking services from March 18, including services on its digital platform. The government had previously announced that the moratorium on the troubled private sector lender will be lifted on March 18 under the Yes Bank reconstruction scheme. The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3, however, Yes Bank appears to have fast-tracked giving relief to customers, and has also seen its share price rising by 48.14 percent to Rs 37.85 per share on Monday.
Read: Yes Bank Investment Meant To Ensure System's Stability, Not RoI: SBI Chief's Big Admission
We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms@RBI @FinMinIndia
— YES BANK (@YESBANK) March 16, 2020
Read: Yes Bank Reports Rs 18,564-cr Loss For Dec Quarter
Yes Bank crisis
On 5 March, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till 3 April. The RBI superseded the board of Yes Bank, which has not been able to raise the required capital for the last six months. It also appointed former Chief Financial Officer of SBI, Prashant Kumar as the administrator of Yes Bank.
Read: 'Will Boost Trust': Amit Shah Thanks PM Modi For Approving Yes Bank Reconstruction Plan
Later, Sitharaman had said the government asked the RBI to look into what went wrong at Yes Bank and fix individual responsibilities. On Thursday, SBI announced a Rs 7,250-crore fund infusion into the crippled Yes Bank. The consortium fund infusion is part of the Reserve Bank-mandated rescue plan for the fourth largest private sector lender.
Read: ED Summons Anil Ambani In Probe Against Yes Bank Co-founder Rana Kapoor; Ambani Seeks Time
(With Agency Inputs)
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Published March 16th, 2020 at 13:50 IST
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