BIG: Yes Bank To Resume Full Banking Services After 6 Pm On March 18, At Branches & Online

Economy

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

Written By Ananya Varma | Mumbai | Updated On:
Yes Bank

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

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 The RBI superseded the board of Yes Bank, which has not been able to raise the required capital for the last six months.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

First Published:
By 2030, 40% Indians will not have access to drinking water
SAVE WATER NOW
PEOPLE HAVE PLEDGED SO FAR
DO NOT MISS