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Yes Bank to restart full-fledged services from Wednesday

Financially troubled Yes Bank will restart full-fledged banking services from Wednesday, 6 p.m. onwards. People will also be able to access all our digital services and platforms. Accordingly, the Reserve Bank imposed moratorium will come to an end at the same time.

In a tweet, the bank on Monday said: “We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from March 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.”

 

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 & [email protected] @FinMinIndia

Meanwhile, as soon as its reconstruction scheme has come into effect and the bank has announced that it will resume full-fledged operations on March 18, the shares of crisis-ridden Yes Bank soared on Monday. At 1.32 p.m., its stock price stood at Rs 37.15, higher by Rs 11.60 or 45.40 per cent from its previous close.

So far, it has touched an intra-day high of Rs 40.40 per share. Under the revival plan proposed by the Reserve Bank of India (RBI), the private lender has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs 10,000 crore.

The government on Saturday notified the scheme of reconstruction for cash-strapped Yes Bank Ltd, paving the way for the lender to resume full operations.

The private sector bank has been put under a moratorium by the Reserve Bank of India since March 5 which has restricted deposit withdrawals up to Rs 50 thousand per month. Under the terms of the notified scheme, this moratorium will now be lifted at 6 p.m. on March 18.