The rescue plan for Yes Bank Ltd. is proceeding as planned, the Reserve Bank of India said today, and depositors can make withdrawals from Wednesday evening.
While the lender has adequate liquidity, the central bank will intervene if required, governor Shaktikanta Das said at an RBI press conference in Mumbai.
Defending the steps taken on Yes Bank and expressing confidence in getting the intended outcomes, Das said the identity of the bank will be retained as a private sector lender. Despite the Yes Bank crisis, and the rapidly evolving coronavirus pandemic, the health of the banking system is good, he added.
In a tweet, Yes Bank also said customers will be able to access full banking services from Wednesday evening, as the moratorium would be lifted earlier in the day.
We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms@RBI @FinMinIndia
March 16, 2020"You will be able to use your Yes Bank cards and accounts across wallets like Paytm, Amazon Pay and Freecharge, among others, from Mar. 18, 2020, 18:00 hours," the bank said in an FAQ on its website.
The customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts, including Yes Bank accounts.
"You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (netbanking/mobile banking, etc.)," it added.
Also Read: Yes Bank Rescue: Echoes Of The 1998 LTCM Bailout
Customers can also initiate "stop a payment" service, the lender said.
On Monday, Yes Bank shares rose 45.01 percent to Rs 37.05 apiece on the NSE while the benchmark Nifty 50 index fell 7.61 percent to end the day at 9,197.40 points.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
