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.
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
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 The RBI superseded the board of Yes Bank, which has not been able to raise the required capital for the last six months.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.
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.
(With Agency Inputs)