Yes Bank will resume full banking services from Wednesday, says RBI-appointed administrator Prashant Kumar

The Reserve Bank of India (RBI)-appointed administrator for Yes Bank, Prashant Kumar, said on Tuesday that the crisis-hit private sector lender would resume full banking services from Wednesday (18 March) at 6 PM.

Talking to reporters, Kumar said, “We invite you to any of our 1,132 branches across India from 19 March, post commencement of banking hours to experience the full suite of our services.”

He said that keeping the customers at the core, Yes Bank has been able to resume services within an expeditious timeframe under the guidance and direction from the Reserve Bank of India (RBI).

Furthermore, with the backing of the State Bank of India (SBI), and private sector banks, Yes Bank stands recapitalised with reinforced liquidity and highest standards of ethics and governance, the administrator said.

“You will be able to access all our services including digital services and platforms. The timely resumption of these services have been possible due to the strong technology infrastructure of the Bank as well as the commitment of our employees who have worked round the clock to minimize the inconvenience caused to you,” he said.

Kumar said that the Centre came out with a final notification for the reconstruction of Yes Bank on 13 March and it is basically about the constitution of the board, equity participation and infusion into the bank.

After equity infusion, the very next day on 14 March, Yes Bank declared its December quarter results, he added.

“If you see them, the entire stressbook has been taken into account, provisioning was increased from 42 percent to 72 percent,” he said.

Kumar said that complete normalcy would be restored, all branches and employees are ready for the operations of the bank.

“Only 1/3rd of our customers have withdrawn Rs 50,000 during the moratorium. Customers’ feedback is that they don’t feel the need to withdraw money from the bank. We have had higher inflows than outflows in the last few days,” he added.

SBI Chairman Rajnish Kumar said that Yes Bank is raising the fund, there was enough money available, but a conscious decision was taken to keep it within Indian domestic banks.

“Free to sell shares but assure that not one share will be sold in the next 3 years. Must not read too much into today’s price of Yes Bank shares. Not against retail shareholders; we are all here to protect shareholders,” he said.

On Monday, RBI Governor Shaktikanta Das assured that Yes Bank depositors’ money was safe. The RBI Governor had said if required, the central bank would provide liquidity to support Yes Bank.