Yes Bank moratorium to end; all branches, digital services to resume from March 18
In a massive relief for customers, crisis-hit Yes Bank on Monday announced that its all banking operations - banking and digital services would resume after 6 pm from March 18, 2020. This announcement comes hours after Yes Bank's shares jumped sharply by over 58 per cent over the Union cabinet approving a reconstruction scheme for the stressed lender.
As per the tweet, all Yes Bank branches, digital services will resume from Wednesday and other routine services will resume.
"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 tweeted.
Earlier this month, the Reserve Bank of India (RBI) placed Yes Bank under moratorium and also imposed a Rs 50,000-limit on withdrawals from the bank till April 3. The RBI also superseded the board and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of State Bank of India (SBI).
The government, in a notification on Friday had, said: "The order of moratorium on the reconstructed bank... shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this Scheme.”
The Union cabinet approved the reconstruction scheme for the cash strapped Yes Bank as part of which the reconstruction was set off with the issue of Rs 10,000 crore of shares to the consortium led by SBI, which also includes IDFC First Bank, Bandhan Bank, Federal Bank, ICICI Bank, HDFC, Kotak Mahindra Bank and Axis Bank.On Monday, shares of Yes Bank surged sharply by over 58 per cent after the government on Friday approved reconstruction scheme for the stressed lender. The scrip witnessed a strong comeback and zoomed 58.12 per cent to Rs 40.40 on the BSE. On the NSE, it climbed 58.12 per cent to Rs 40.40.
Meanwhile, on Saturday the crisis-hit lender had reported Rs 18,564 crore loss in December quarter. Its gross non-performing assets also shot to 18.87 per cent in December 2019 quarter against 2.10 per cent in the year-ago.
Also Read: Yes Bank shares bounce back, zoom over 58 per cent
