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YES Bank to resume full banking services on March 18

YES Bank customers will be able to access all banking services from March 19 onwards

twitter-logo BusinessToday.In        Last Updated: March 19, 2020  | 13:53 IST
YES Bank to resume full banking services on March 18
YES Bank

YES Bank has announced that it will be resuming full banking operations from 6:00 pm on March 18. YES Bank customers will be able to access all banking services from March 19 onwards.

In a tweet, 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".

On March 5, The Reserve Bank of India (RBI) had placed YES Bank under moratorium. 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.

RBI and the government had announced a reconstruction plan for YES Bank on March 6. The plan involved SBI investing in Yes Bank and effectively owning a 49% stake in the bank. The withdrawal limit was lifted shortly afterward.

In the following week, more banks announced that they will be making investments in YES Bank. ICICI Bank and mortgage lender HDFC will invest Rs 1,000 crore each. Axis Bank will invest Rs 600 crore, while Kotak Mahindra Bank will put in Rs 500 crore. Bandhan Bank and Federal Bank will invest Rs 300 crore each, while IDFC First Bank will put in Rs 250 crore. 

Also Read: YES Bank share price zooms 58% amid falling market; here's why

Also Read: Yes Bank case: Anil Ambani summoned by ED over unpaid loans

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