Yes Bank, on which the Reserve Bank of India (RBI) had imposed a moratorium, will resume regular operations from 6 pm on Wednesday.
Financially troubled Yes Bank will restart full-fledged banking companies from Wednesday, 6 p.m. onwards. (PTI)
New Delhi: Yes Bank, on which the Reserve Bank of India (RBI) had imposed a moratorium, will resume regular operations from 6 pm on Wednesday.On Tuesday, administrator of the troubled personal sector lender, Prashant Kumar, stated that Yes Bank will resume regular operations from 6 pm on March 18 and it has no liquidity drawback.
“Our customers will be able to enjoy all the services available before the moratorium. There is absolutely no issue on the liquidity side from Yes Bank. All our ATMs are full of cash,” he had stated at a press convention.
Kumar had additionally stated there isn’t any want to fret about deposits. “Complete normalcy will be restored. All branches and employees are ready. If there is too much rush of depositors, the bank branches will remain open on weekends as well,” he had added.
On March 5, the RBI had imposed a moratorium on Yes Bank, proscribing withdrawals to Rs 50,000 per depositor until April three in view of its poor monetary well being because of unhealthy loans.
“Only one-third of our customers have withdrawn Rs 50,000 during the moratorium. The customer feedback is that they do not feel the need to withdraw money from the bank. We have had higher inflows than outflows in the last few days,” Kumar had said.
At the identical press meet, State Bank of India (SBI) chairman Rajnish Kumar stated that the lender is free to promote shares however assured that not one share shall be offered within the subsequent three years.
“We are not against retail shareholders. We are all here to protect them,” he had stated.
The SBI has introduced an funding of Rs 7,250 crore in Yes Bank via the acquisition of 725 crore shares at Rs 10 every. SBI’s shareholding in Yes Bank after reconstruction shall be inside the 49 per cent restrict.
On March 13, the Union Cabinet permitted a reconstruction scheme for Yes Bank as proposed by the RBI.
On March 16, Yes Bank permitted the reconstitution plan, appointing Kumar because the Chief Executive Officer and Managing Director. (ANI)