Yes Bank To Resume Full Banking Services From 6 pm On Wednesday

Several lenders including SBI have committed to pick stake in Yes Bank as part of a government-backed rescue plan for the private sector lender.

Yes Bank To Resume Full Banking Services From 6 pm On Wednesday

A group of lenders has committed to pick stake in Yes Bank

Highlights

  • Lenders, led by SBI, have committed to pick stake in the troubled bank
  • RBI placed Yes Bank under a moratorium, earlier this month, till April 3
  • Customers have been unable to access internet banking and ATM services

Crisis-hit Yes Bank said on Monday 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." The development comes as a group of lenders led by the country's largest bank, State Bank of India (SBI), committed to pick stake in Yes Bank as part of a government-backed rescue plan for the troubled private sector lender. 

"You will also be able to access all our digital services & platforms," Yes Bank said on Monday.

Yes Bank customers had been facing a tough time in accessing internet banking, using payment via UPI and withdrawing from ATMs after the RBI's sudden announcement to curb withdrawals led to a scramble to withdraw money.

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. 

As part of the RBI-backed rescue plan for the troubled private sector lender, 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 and financial institutions including ICICI Bank, Axis Bank and HDFC have committed to pick stakes in Yes Bank. 

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