Yes Bank Depositors' Money Safe, Will Inject Liquidity If Needed: Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated on Monday that the moratorium on Yes Bank will be lifted at 6 am on Wednesday, March 18. He also urged depositors to avoid making panic withdrawals.

"Remain confident that your money is safe," the RBI governor said to Yes Bank depositors.

He also said that if needed, the central bank will step in to provide necessary liquidity to Yes Bank.

Commending the restructure plan implemented for Yes Bank, Das said that this was the first occasion that a state-owned bank and private lenders came together to bail out a bank in crisis.

"The restructuring plan is credible, sustainable and first of its kind," he said, adding that swift action was taken by the RBI and government on the issue.

Earlier during the day, Yes Bank had said that it will resume full banking services from 6:00 pm on Wednesday. In a Twitter post, the private sector lender said: "Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hours to experience our suite of services." 

Earlier this month, the RBI placed Yes Bank under a moratorium till April 3 following deterioration in the bank's financial position, and took control of its board. The central bank restricted withdrawals from Yes Bank accounts at Rs 50,000 with few exceptions.

On Friday, the Union Cabinet approved a reconstruction scheme for Yes Bank, as proposed by the RBI.