After the big crisis, Yes Bank said that it will resume full banking services from 6:00 pm on Wednesday (18th March). A private sector lender said in a Twitter post that “Visit any of our 1,132 Yes Bank branches from 19th Mar 2020, after the beginning of the banking hours to experience our suite of services”.
This development comes from the group of investors led by the country’s largest bank State Bank of India (SBI). The SBI committed to pick stake in Yes Bank as part of a government-backed rescue plan for the troubled private sector investor.
“Yes Bank account holders able to access all digital services & platforms”, Yes Bank said on Monday.
Yes Bank customers are facing a tough time in accessing internet banking, using payment via UPI, and withdrawing from ATMs after the RBI’s sudden announcement to limit withdrawal money.
Earlier this month, the RBI placed Yes Bank under a moratorium till April 3 for deterioration in the bank’s financial position and took control of its board. The central bank restricted the cash withdrawals from Yes Bank accounts at Rs 50,000 with few exceptions.
On Friday, the Union Cabinet approved a reconstruction scheme for Yes Bank proposed by the RBI.
As part of the RBI bailout plan for the troubled private sector investor, SBI will pick up to 49% in Yes Bank. In addition to SBI, several banks and financial institutions, including ICICI Bank, HDFC, and Axis Bank committed to raise stake in Yes Bank. Now, Yes Bank shares capital will be revised upwards from Rs 1,100 crore to Rs 6,200 crore.