Crisis-ridden private lender Yes Bank on Wednesday resumed its services as the moratorium imposed on it by the Reserve Bank of India (RBI) was lifted at 6 pm. The lifting of moratorium means that the withdrawal limit of Rs 50,000 imposed by RBI stands cancelled.
Making the announcement, the bank tweeted, via its official handle, “Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation. #YESforYOU @RBI @FinMinIndia,” it said.
— YES BANK (@YESBANK) March 18, 2020
RBI had earlier superceded Yes Bank’s board and imposed a moratorium on the beleaguered private sector bank, permitting customers to only take out up to Rs 50,000 from their accounts in the bank with certain exceptions.
With the lifting of moratorium the bank would also be allowed to advance loans which had also been barred by the central bank.
Yes Bank CEO-designate Prashant Kumar on Tuesday said there are absolutely no worries on the liquidity front and that complete operational normalcy would be restored from 6 pm on Wednesday.
“We have made adequate precautions. All our ATMs are full with cash. All our branches have adequate supply of cash. So, from Yes Bank side, there is absolutely no issue on the liquidity front,” Kumar told reporters, in a press briefing on Tuesday.
According to Mr Kumar, only one-third of the bank’s customers, who could have withdrawn funds during the moratorium period, have taken out money to the extent of Rs 50,000.