Yes Bank to resume Banking services from Wednesday Evening

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Biznextindia : In a big relief to the customers, Yes Bank on Monday announced that it’ll resume its banking operations from 6 pm, 18th March.

According to reports, the moratorium imposed by RBI on the crisis ridden bank will be lifted on Wednesday which means that depositors can now withdraw their money as per their need.

“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” Yes Bank has twitted.

 

Last Friday the union cabinet had approved the reconstruction scheme for Yes Bank under which SBI will pick up 49% stake in the crisis ridden private bank. Several other banks like ICICI, AXIS, HDFC, Kotak Mahindra Bank, Bandhan Bank have also joined hands with SBI to rescue Yes Bank.

The Finance Minister Nirmala Sitharaman while announcing about the re-construction scheme had said that the moratorium will be lifted within three days of the notification of the scheme.

In the first week of the current month, RBI had  imposed the moratorium on the crisis-ridden Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The central bank also dessolved the board of directors of the bank and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of SBI.

The crisis-ridden Bank had reported a net loss of Rs.18,564 crore for the quarter ended Dec – the largest ever loss by a bank in a quarter. Gross NPAs rose over 7 times to Rs.40,709 cr.

 

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