Yes Bank News - Receives fundings from SBI and other banks for its Reconstructio

Posted by B2B on March 19th, 2020

Yes Bank News - Yes Bank Operations Resumed after the Moratorium lifted

On Wednesday, 18th March 2020, Yes Bank made an announcement that it's banking services will be completely resumed. Yes Bank's operations had been stopped by the Reserve Bank of India (RBI) as it placed the firm under moratorium starting this month. The Yes Bank News is a big relief for the depositors.

Yes Bank took to Twitter saying, "Our complete banking services are now resumed. You can experience our services in the full suite. Thank you for your patience and co-operation." - Yes Bank News

Later on, the bank also tweeted saying that they will be opening their branches an hour earlier in the morning for the next three days and have also extended their hours of service for the senior citizen customers.

The tweet read, "To serve you in a better manner, we will open our branches one hour earlier at 08:30 am starting from 19th March 19, 2020, till 21st March 2020. We will also be extending our banking hours for the senior citizen customers across all our branches from 19th March 2020 till 27th March 2020 from 16:30 pm to 17:30 pm.

As per the Yes Bank News, On 5th March 2020, the Reserve Bank of India had imposed a moratorium on the Yes Bank which also included capping the withdrawals at Rs 50,000 per depositor as the RBI also found out that their new management had not been able to raise their much-needed core capital that had reduced very much below the level that has been mandated.

Mr Prashant Kumar, the former SBI deputy managing director has now been appointed as the administrator of Yes Bank. "There is nothing to worry about on the liquidity front and all of our branches and ATMs have a good supply of cash," he said in a statement during a media briefing on Tuesday. He further added that because of the support that they received from the Indian government, the RBI and other financial institutions, their financial crisis has been taken care of within the period of 13 days.

The chairman of the State Bank of India (SBI) Mr Rajnish Kumar said in a statement that the largest lender of India that currently owns over 43 per cent in the Yes Bank will not be selling even a single share before the mandatory lock-in period of three years. In fact, he is also very keen on approaching the board of the bank for increasing his holding to 49 per cent.

As per the current Yes Bank News, they have received more than Rs 10,000 crore from eight financial institutions of India which included Rs 6,050 crore from the State Bank of India and rest of the money from seven private sector banks including ICICI Bank, HDFC and Kotak Bank.

The ICICI Bank and the HDFC Bank have put Rs 1,000 crore each into Yes bank, Axis Bank has invested Rs 600 crore, Kotak Mahindra Bank invested Rs 500 crore, Bandhan Bank and Federal Bank have put in Rs 300 crore each and the IDFC First Bank has invested Rs 250 crore in the Yes Bank.

The Yes Bank Shares have been closed 3.67 per cent higher at Rs 60.80 on the Bombay Stock Exchange. On the other hand, it increased by 4.18 per cent at Rs 61.10 on the NSE.

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