Yes Bank said on Monday that it will resume full banking services from Wednesday, March 18, 2020, 18:00 hrs. YES Bank customers will be able to access all banking services from March 19 onwards.
In a twitter post, the crisis-ridden bank said, “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”.
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@RBI @FinMinIndia
— YES BANK (@YESBANK) March 16, 2020
The development comes as a group of lenders led by the country’s largest bank, State Bank of India (SBI), committed themselves to pick stake in Yes Bank as part of a government-backed rescue plan for the crisis-ridden private sector lender.
On March 5, The Reserve Bank of India (RBI) had placed YES Bank under moratorium till April 3 following deterioration in the bank’s financial position. The Bank had given out large loans to business which it had then failed to recover.
RBI stepped in when YES Bank failed to raise $2 billion to save itself. The RBI had set the withdrawal limit to Rs 50,000 per account per person which led to customers facing a tough time in accessing internet banking, using payment via UPI and withdrawing from ATMs
On Friday, the Union Cabinet approved a reconstruction scheme for Yes Bank, as proposed by the RBI.
As part of the RBI-backed rescue plan, SBI will pick up to 49 per cent in Yes Bank. Yes Bank’s authorised share capital will be revised upwards from Rs 1,100 crore to Rs 6,200 crore.
Besides SBI, several banks including ICICI Bank, Axis Bank and HDFC announced that they will be making investments in YES Bank.