RBI Lifts Moratorium On Yes Bank; Bank Extends Service Hours

RBI withdrew the moratorium imposed on the private sector lender bank and thus customers of the bank will gain access to services as usual from March 19, 2020.
After the RBIs assurance on safety of depositors money in the bank, the bank does not expects any bulk withdrawal attempts, nonetheless if the situation arises bank is prepared for it.

RBI Lifts Moratorium On Yes Bank; Bank Extends Service Hours

In light of the worsening financials at the bank and its inability to raise fresh capital, on late Thursday i.e. March 5, 2020, the RBI announced a moratorium on the bank that restricted withdrawal from the bank to Rs. 50000 per account holder up to April 3.

But sooner RBI came into action and then Yes Bank Reconstruction Scheme 2020 came into effect from March 13, 2020, wherein SBI would buy as much as 49% stake in the bank. Along side there are 7 other big banking names which would be helping the beleaguered lender.

As per a leading business dailies report, the bank in the face of any possible spurt in withdrawal is ready with cash of as much as Rs. 30,000 crore.

Bank to Extend Its Service Offers

Between March 19 and March 21, Yes Bank will commence operation one hour earlier i.e. from 8:30 am. Also, across branches service hours for senior citizen customers between March 19- March 27 has been increased up to 5:30 pm.

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