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Yes Bank crisis: ATMs full of cash, no liquidity issue, says Prashant Kumar

Prashant Kumar said that the bank will be fully functional from Wednesday 6pm. He also assured Yes Bank depositors that there was no need to withdraw money in panic

twitter-logoBusinessToday.In | August 18, 2020 | Updated 14:27 IST
Yes Bank crisis: ATMs full of cash, no liquidity issue, says Prashant Kumar

A day ahead of lifting moratorium on Yes Bank, the lender's administrator Prashant Kumar addressed the media on Tuesday. Prashant Kumar said that the bank will be fully functional from Wednesday 6pm. He also assured Yes Bank depositors that there was no need to withdraw money in panic.

Addressing the media, Kumar said, "Complete normalcy will be restored at Yes Bank from 6 pm tomorrow, March 18. There is absolutely no issue on liquidity side from Yes Bank, all our ATMs are full of cash."

He said that entire inflow of NEFT, RTGS and IMPS services have been made available in the bank, adding that Yes Bank's team has started communicating with customers.   

Earlier on Monday, Reserve Bank of India (RBI) Governor had assured that Yes Bank depositors' money is safe. The RBI Governor had said the central bank would provide liquidity to support Yes Bank, if required.

On Monday, Prashant Kumar, in a letter to Yes Bank's customers, said that the lender has now emerged stronger and that it looks forward to achieving new milestones.  Kumar said that the bank will be fully functional from Wednesday 6pm. "We invite you to any of our 1,132 branches across India from March 19, 2020, post commencement of banking hours to experience the full suite of our services," Kumar wrote.

Meanwhile, shares of Yes Bank extended gaining streak for the second consecutive session in otherwise weak market on Tuesday, rising as much as 73 per cent in intraday trade on the BSE.  The stock jumped to Rs 64.15 apiece on the BSE compared to Monday's closing price of Rs 37.10 after opening higher with a gain of 10 per cent at Rs 40.80. The rally in Yes Bank stock was attributed to rating upgrade by Moody's Investors Services and assurance from the RBI Governor.

By Chitranjan Kumar

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