Yes Bank: This is good news for YES Bank customers. Now there is no restriction on withdrawal of more than 50 thousand nor any restriction on other services. The customer has started getting all the facilities as before. Yes Bank gave information about this by tweeting. The bank has thanked the customers for their support. Some time ago the RBI banned the withdrawal of more than 50 thousand.
Although the government was constantly saying that there is no need to panic, soon everything will be normal. The board of Yes Bank was also canceled by RBI with immediate effect and Prashant Kumar was given the leadership of the new board.
— YES BANK (@YESBANK) March 18, 2020
Reserve Bank Governor Shaktikanta Das had a press conference on Monday. In this, he said, I would like to tell Yes Bank depositors that their money is completely safe and there is nothing to worry about.
The central government had notified Yes Bank’s restructuring plan 2020 late evening. The bank had earlier put Yes Bank in the Moratorium till April 3. The RBI had set the maximum withdrawal limit from the bank at Rs 50000 a month.
Government-approved restructuring plan
As part of the restructuring plan, SBI cannot reduce its stake in the bank to less than 26% for three years, while the bank will have a three-year lock-in period for 75% investment from other investors and existing shareholders. However, the rule of the lock-in period will not apply to shareholders holding less than 100 shares.
Increase in share
Investors’ confidence has been strengthened by the government’s and RBI’s efforts to pull Yes Bank out of the crisis. On Tuesday, its shares jumped by nearly 63 percent. At 10:51 am Yes Bank stock was trading 65.36% up at Rs 61.35 in Nifty. This stock has jumped 100 percent in three days. Moody’s rating is also a major reason behind the surge in its shares.
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