In the first few hours of the day, Yes Bank – the leading money landing banking giant – declared that its banking services will be restored on the 18th of March, 2020 post 6 pm. Through its Twitter handle, Yes Bank tweeted the same. Its 1132 branches across India will be active Thursday onwards.
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@RBI @FinMinIndia
— YES BANK (@YESBANK) March 16, 2020
The bank has had a troubling start to the month since its services were seized by the Reserve Bank of India (RBI). Its loyal customers have been harassed so on. Gladly, the shares have taken an uphill shot to at least 58 percent after the Union cabinet approved the restoration scheme. Further, Yes Bank has climbed up to Rs. 40.40 on the BSE as well as the NSE.
The restoration scheme approved by Finance Minister Nirmala Sitharam assures an investment of 49 percent equity by the State Bank of India (SBI). As of now, SBI has invested Rs. 6,050 crores in the Yes Bank.
Which Other Banks Have Come to Yes Bank’s Rescue?
Yes Bank has garnered quite a lot of support from other Indian banks during its dark days this month. ICICI Bank, Bandhan Bank, Kotak Mahindra Bank, Axis Bank, Housing Development Finance Corp (HDFC) Bank and even the Federal as well as the brand new IDFC bank are investing in Yes Bank to help it regain its composure.
Reportedly, Yes Bank lost at least Rs. 18,564 crores in the December quarter alone. During this period, the bank will have enough on its platter to revive the losses and also clear the many debts it has been forced to take during this crisis period.
Source: The Times of India
