Yes Bank on Wednesday resumed all of its banking services after the moratorium imposed on troubled private lender was lifted by the Reserve Bank of India.
The RBI had on March 5 imposed a moratorium on Yes Bank and also superseded the Board of Directors for a period of 30 days owing to a serious deterioration in the financial position of the bank. Withdrawals were also capped at Rs 50,000.
While the moratorium was to last till April 3, it was lifted following a restructuring plan by the State Bank of India.
As per the reconstruction scheme notified by the government on Friday, the moratorium on Yes Bank was lifted by 6 pm on Wednesday.
The bank said it has resumed operations and all its banking services are available for its customers now.
In a message to customers on Tuesday, Yes Bank CEO-designate Prashant Kumar said banking services would resume from 6 pm on March 18, 2020.
He also announced the extension of banking hours dedicated to senior citizens from 4:30 pm to 5:30 hours IST from March 19-27.
"We are pleased to share with you that we are resuming full banking services from March 18, 2020, 18:00 hours. We have been able to restore the services within a swift timeframe, keeping the interest of our esteemed customers at the core, under the guidance of the Reserve Bank of India," Kumar said in a message to customers.
Digital platforms and services including net banking and app and UPI Services including that on third party platforms are available to customers now.
Other banking services will be available to customers at over 1,000 branches across the country from Thursday.
Meanwhile, shares of Yes Bank continued to rally for the fourth consecutive day on Wednesday, sharply rising by 50%.
The scrip jumped 49.95% to Rs 87.95 on the BSE. On the NSE, it zoomed 48.84% to Rs 87.30.
In four days, the scrip has risen a whopping 251%.
State Bank chairman Rajnish Kumar on Tuesday said the country's largest lender that owns close to 43% in Yes Bank now will not sell a single share before that mandated three-year lock-in period.
Kumar the bank was keen to approach the board for hiking the holding to 49%.
