Yes Bank to resume full banking services from March 18

Yes Bank to resume full banking services from March 18

Troubled private lender YES BankNSE 56.20 % will be resuming full banking services from March 18th, from 6pm. In a tweet, the bank said its 1132 branches across India will also be open for its customers.

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“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,” the tweet said.

RBI’s moratorium on Yes Bank will be lifted by March 18 and the new board led by CEO and MD Prashant Kumar will be put in place by the end of this month, the government had said last week.

The government notified the Yes Bank Reconstruction Scheme 2020 on Friday. Apart from Kumar, the reconstructed board of Yes Bank will have Sunil Mehta (former PNB non-executive chairman) as non-executive chairman, and Mahesh Krishnamurthy and Atul Bheda as non-executive directors.

According to the reconstruction plan, State Bank of India (SBINSE -0.78 %), which will hold up to 49% stake in Yes Bank, will nominate two directors on the newly-constituted board and RBI can appoint one or more additional directors.Any investor, other than SBI, with voting right of 15% in the private lender can nominate one director on Yes Bank’s board.

ICICI Bank, Housing Development Finance Corp Ltd, Axis Bank, Kotak Mahindra Bank and Bandhan Bank will also join the SBI-led consortium and invest in Yes Bank.

The RBI had on March 5 put a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. It superseded the board of the troubled private sector lender and appointed Prashant Kumar as administrator.

 

Source:- economictimes

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