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Yes Banking news: Yes Bank moratorium lifted, banking operations resumed | India Business News

NEW DELHI: In a huge relief to depositors, Yes Bank announced on Wednesday that it has resumed full banking services, which was halted after the Reserve Bank of India (RBI) placed it under a moratorium earlier this year. month.

On Twitter, the crisis-affected bank stated, “Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and cooperation.”

In another tweet, the bank also said that its branches will open one hour earlier in the morning for the next three days and extend service hours for its senior customers.

“To better serve you, our branches will open an hour earlier at 08:30 am from March 19 to 21, 2020. We have also extended bank hours at all branches for our senior customers from March 19 to 27 2020, 4:30 p.m. to 5:30 p.m., “he said.

On March 5, the Reserve Bank imposed a moratorium on the troubled lender in the private sector, including the limit on withdrawals of Rs 50,000 per depositor after it discovered that the new administration was unable to raise urgent basic capital that had fallen dramatically. below the required level.

At a press conference on Tuesday, former OSE Deputy Managing Director Prashant Kumar, who was appointed administrator of Yes Bank, said there is absolutely no concern on the liquidity front and that all Yes Bank branches and ATMs have an adequate supply of cash.

In the reconstruction scheme, the retired SBI banker pointed out that due to the support of the government, the RBI and other financial institutions, the crisis in the bank was solved in 13 days.

State Bank of India (SBI) President Rajnish Kumar said the country’s largest lender that owns about 43 percent in Yes Bank will now not sell a single share before the mandatory three-year lockout period, and that in fact he is interested in getting closer to the board to raise his holding to 49 percent.

Under the reconstruction scheme, Yes Bank has received more than Rs 10 billion rupees from eight financial institutions, including Rs 6.05 crore from SBI and the rest of seven other private sector banks, including ICICI Bank, HDFC and Kotak Bank.

Yes Banking news: Yes Bank moratorium lifted, banking operations resumed | India Business News

If necessary, RBI will support Yes Bank with liquidity: Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das said on Monday that the RBI will support Yes Bank with a liquidity crisis and assured depositors that their money remains safe. Das said that both RBI and the Indian government have taken swift action on the crisis and that the reconstruction is credible and sustainable.

While ICICI Bank and HDFC have invested Rs 1 crore each in the bank, Axis Bank has invested Rs 600 crore. Kotak Mahindra Bank (Rs 500 million), Bandhan Bank, Federal Bank (Rs 300 million each) and IDFC First (Rs 250 million) have also joined the SBI-led consortium to invest in Yes Bank.

Yes Bank shares closed 3.67 percent higher at Rs 60.80 on the BSE, while they rose 4.18 percent to finish at Rs 61.10 on the NSE.

(With contributions from the agency)

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