Customers can access all banking services from Wed evening: Yes Bank

Published : Mar 16, 2020, 1:22 PM IST

Updated : Mar 16, 2020, 8:21 PM IST

"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," Yes Bank said.

Yes Bank

Mumbai: Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier.

The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.

"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," Yes Bank said in a tweet.

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 " class="align-text-top noRightClick twitterSection" data="
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
">
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

"You will also be able to access all our digital services & platforms @RBI @FinMinIndia," it said.

The government on Saturday notified the reconstruction plan for cash-strapped Yes Bank and said the moratorium will be lifted by 18:00 hrs on March 18, much earlier than the earlier date of April 3.

"The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said.

The lender has posted a net loss of Rs 18,654 crore for third quarter ended December 31 due to huge provisioning for bad loans.

It had posted a profit of Rs 1,001.8 crore during December quarter of 2018-19.

"You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours," the bank said in an FAQ on its website.

Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts.

"Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits," it said.

Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge.

"You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc)," it added.

Customers can also initiate "stop a payment" service, Yes Bank said.

The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services.

"Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator," it added.

FPIs, institutional investors flag concerns over Yes Bank trading curbs without notice

A sudden decision to restrict trading in shares of Yes Bank to a maximum 25 per cent of holdings over the weekend has left institutional and other large investors, including FPIs, flummoxed as many of them might not be able to meet liquidity needs.

While shares of Yes Bank rose sharply by more than 50 per cent to hit a high of Rs 40.40 apiece at the BSE on Monday following a restructuring scheme notified by the government on Saturday, one particular clause to restrict trading in the bank's shares left many investors concerned.

Several market observers, including senior fund managers, said foreign portfolio investors (FPIs) and other institutional investors have raised concerns regarding difficulty in liquidating their positions in cash and derivatives segment because of this scheme.

Investments in Yes Bank aimed at providing financial stability, not ROI: SBI chief

SBI Chairman Rajnish Kumar said investments by banks in the crippled Yes Bank are being made to maintain financial stability in the system and not guided by the principle of return on investment (RoI).

The State Bank of India (SBI), along with seven other financial institutions, invested around Rs 10,000 crore in the crisis-hit Yes Bank last week, under the RBI-mandated reconstruction scheme.

"The decision of the SBI and all other banks coming together, it is not guided by the return on capital principles or investments. It is all guided by providing stability to the financial system," Kumar told reporters on the sidelines of the listing ceremony of SBI Cards and Payment Services at the BSE.

HDFC to hold 7.97 pc stake in Yes Bank for Rs 1,000 cr infusion

Mortgage lender HDFC will pick up 7.97 per cent stake in Yes Bank for a Rs 1,000 crore capital infusion in the cash-strapped lender.

On March 14, Yes Bank allotted 100 crore shares of face value of Rs 2 each to the Corporation aggregating to 7.97 per cent of the post issue equity share capital of Yes bank, HDFC said in a regulatory filing on Monday.

The allotment of shares comes "after giving effect to the allotment of shares to State Bank of India, the Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank ," it said.

(Input from agencies)

Mumbai: Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier.

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 " class="align-text-top noRightClick twitterSection" data="
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
">
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