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Yes Bank administrator Prashant Kumar writes letter to customers, thanks them for their patience

Yes Bank letter: Yes Bank said that it has been able to resume services "within an expeditious timeframe under the guidance of RBI"

twitter-logoBusinessToday.In | March 17, 2020 | Updated 13:57 IST
Yes Bank administrator Prashant Kumar writes letter to customers, thanks them for their patience
YES Bank Administrator Prashant Kumar's letter to customers

Yes Bank on Monday said that the moratorium on the lender will be lifted on Wednesday, March 18. It also thanked its customers for their patience. Yes Bank Administrator Prashant Kumar, in a letter to bank's customers said that the bank 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," the statement said.

"The bank has now emerged stronger and we look forward to achieving new milestones with the support of customers like you. We are committed to serve you and assure you on the safety of your deposits at the Bank, as our long term commitment to delivering an elevated banking experience remains unwavering," stated the lender in a statement.The statement said that they were aware that customers might have faced an increased level of anxiety and apprehension due to the RBI restrictions. "Your trust and our success is not an entitlement, and that is something we are working on to earn, every day," it added.

Yes Bank said that it has been able to resume services "within an expeditious timeframe under the guidance of RBI". The lender further stated that with the help of SBI, Yes Bank "stands recapitalised with reinforced liquidity and highest standards of ethics and governance".

The RBI announced a reconstruction scheme wherein SBI would invest to effectively own 49 per cent shareholding in the bank. In the following days, multiple banks including ICICI Bank and HDFC Bank stated that they too would invest in the bank. Axis Bank, Kotak Mahindra Bank, Bandhan Bank and Federal Bank will also invest in the troubled bank.

Meanwhile, the troubled bank's deposits fell 34 per cent or Rs 71,991 crore since September 2019. Yes Bank's deposit base plummeted from Rs 2.09 lakh crore in September 2019 to Rs 1.65 lakh crore in December 2019 as anxious customers continued to withdraw their money from the lender. Yes Bank's savings deposits fell 25 per cent in the December quarter of FY20, while term deposits declined 22 per cent sequentially during the period under review.

Also read: RBI Governor Das assures Yes Bank customers, says money is safe

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