Yes Bank Services Now Operational, Rs 50,000 Withdrawal Limit Lifted

Yes Bank on Wednesday announced that it has resumed operations, and all its banking services are available for its customers now. “All banking services are now operational. Customers can now experience the full suite of our services. Thank you for your patience and co-operation,” the lender tweeted. With this, the withdrawal limit of Rs 50,000 by the Reserve Bank of India (RBI) for the Yes Bank’s customers has been lifted. The development comes after the government notified the Yes Bank reconstruction scheme last week.   

Meanwhile, shares of Yes Bank on Wednesday trimmed most of the sharp early gains and closed the day over 4 per cent higher, mainly due to profit-booking in a weak broader market. The scrip, which had jumped 49.95 per cent to Rs 87.95 during the day on the BSE, gave up most of the gains later and closed at Rs 60.80, up 3.67 per cent. On the NSE, it rose 4.18 per cent to Rs 61.10.

YES BANK: Our banking services are now operational. Customers can now experience the full suite of our services pic.twitter.com/cWIZrWdinL

— ANI (@ANI) March 18, 2020

The scrip has risen a whopping 142 per cent in four days. The bank's shares had jumped over 59 per cent on Tuesday after Moody's upgraded the company's ratings.

Announcement of a restructuring plan for the bank has triggered the rally in the scrip.

State Bank of India (SBI) Chairman Rajnish Kumar on Tuesday said the country's largest lender, which owns close to 43 per cent stake in Yes Bank now, will not sell a single share before the mandated three-year lock-in period, and that he's in fact keen to approach the board for hiking the holding to 49 per cent.

Under the RBI and government-driven rescue of the fourth largest private lender, SBI was initially asked to take up to 49 per cent stake by investing Rs 7,250 crore into the equity capital of Yes Bank.

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However, as seven other lenders came on board, it could pick up only around 43 per cent stake, or 60.50 crore shares, for Rs 6,050 crore.

With PTI Inputs