Yes Bank to resume full banking services from 6 pm today

HIGHLIGHTS

  • Yes Bank is ready to offer its full Banking service again. Yes Bank declared that they are resuming banking services from 6 pm, today
  • The customer can access banking services from March 19, 2020
  • According to the government, the ban or moratorium will be lifted by 6 pm and Bank will able to resume their Banking services
  • As of 5 March 2020, a moratorium and fine on the troubled private sector owner/lender was imposed by the reserve bank of India
  • After buying a 49% stack in the bank, the state bank of India has become the anchor investor in the Bank

Yes Bank declared that they are resuming banking services from 6 pm, today. However, it is a difficult time for Yes Bank to Recover from the recent problems but they don’t want to make their customer wait Any longer- they said.

They also declared that the customer can access full banking services from March 19, 2020. Yes Bank announced about their banking plans after the reconstruction scheme notified by the government on Friday. According to the government, the ban will or moratorium be lifted by 6 pm and Bank will able to resume their Banking services.

As of 5 March 2020, a moratorium and fine on the troubled private sector owner/lender was imposed by the reserve bank of India. which have also included the capping withdrawals of Rs 50,000 (fifty thousand) per depositor.

Seeing the issue getting more complicated, the bank administrator and the new investors addressed the deposit holder and said that all their savings are totally safe in the banks. And there will be no loss of any kind to their savings and very soon the bank will come back to its own rhythm.

The yes bank administrator and CEO of the bank’s newly constituted board said on the press conference that “The deposit holders don’t need to worried about their savings because all their savings are totally safe in the bank. We got a lot of support from domestic banks. And due to the immediate action taken by the RBI, the bank has emerged stronger. The banking services will be resumed from 18 March. And the Customer will able to get their full banking services even with a much better experience.

It is being speculated that The customers can Withdraw a heavy amount from the Banks. While answering this question the bank said that they have sufficient funds available. So the customers will not have to face any panic in withdrawing money from the bank.

After buying a 49% stack in the bank, the state bank of India has become the anchor investor in the Bank. They also said that the services have been resumed again and the customers will not have to face any difficulty with the banking services. Meanwhile, Rajnish Kumar the chairman of the SBI Bank said that “There are sufficient funding lines to meet any eventuality. We do not see another moratorium being put in place”.


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