MUMBAI:
Yes Bank’s Administrator Prashant Kumar has assured depositors and other stakeholders that their money is safe and that they have absolutely nothing to worry about.
He said, “The Bank has ample liquidity and there is no need to depend on external sources.” The banking services have resumed at 6 pm on March 18, 2020 and customers can experience the full suite of the Bank’s services at any of the Bank’s branches from March 19, 2020, post commencement of banking hours.
To serve customers better, the Bank’s branches will open one hour earlier at 08:30 hours from March 19 to 21, 2020. The Bank has also extended banking hours across branches for its senior citizen customers, from March 19 to March 27, 2020, 16:30 hours to 17:30 hours.
“YES BANK has taken adequate measures to restore banking services and ensured that the branches and ATMs have adequate supply of cash. However, there is no need to need for customers to rush for withdrawals and there is absolutely no issue on the liquidity front Kumar said.
Reinstating confidence, Rajnish Kumar, Chairman, State Bank of India (SBI) said that SBI will not sell even a single share of the 49 per cent stake it has picked up in YES BANK before the three- year lock-in period.
As part of the credible and sustainable reconstruction plan, an eight-member consortium led by State Bank of India (SBI) has collectively invested more than ₹10,000 crore in the Bank. Prashant Kumar noted that due to support from the Government, the RBI and other financial institutions, the moratorium on YES BANK has been lifted within 13 days.
Rating agency Moody’s has also recently upgraded YES BANK’s long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and to (P)Caa1 from (P)Caa3, respectively. Accordingly, the Bank’s credit outlook has been changed to ‘positive’.
