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Yes Bank Shares Have Jumped 78% In 2 Days On Hopes Of SBI’s Quick Remedy
On Wednesday, shares of troubled Yes Bank surged 35 percent to hit an intraday high of Rs 29.6) on reports that SBI will soon be submitting its resolution plan for the private lender to the cabinet committee on economic affairs. In the two trading days this week, the stock has jumped over 78 percent from Friday's close of Rs 16.20.
Stock markets were closed in India on Tuesday on account of Holi.
On Tuesday, Yes Bank enabled inward IMPS and NEFT transactions for its customers to allow payments towards credit card and loan dues using other bank accounts.
While the moratorium placed by RBI is scheduled to end on 3 April, administrator Prashant Kumar told reporters that he is confident it will end sooner, maybe even as early as 15 March.
Kumar is a former deputy managing director at SBI appointed as the administrator for the reconstruction of Yes Bank.
He assured that his team is working to provide all banking services to customers of Yes Bank at the earliest.
Currently a withdrawal cap of Rs 50,000 is placed on all Yes Bank accounts.
Additionally, the State Bank of India (SBI) will pick up a maximum of 49 percent stake in Yes Bank as part of the reconstruction draft scheme proposed by RBI last week. The public sector's investment plan will be made public once finalised.
