Yes Bank Administrator Kumar Says Working To Revive Bank ‘Well Before’ Moratorium Period Ends
A security guard, left, observes customers standing in line outside a Yes Bank Ltd. branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Yes Bank Administrator Kumar Says Working To Revive Bank ‘Well Before’ Moratorium Period Ends

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Yes Bank Ltd. Reserve Bank of India-appointed administrator Prashant Kumar on Friday said a solution is being worked upon the revive the lender well before the moratorium period of 30 days ends.

Kumar, an ex-chief financial officer of State Bank of India, also assured depositors that their money is safe and there is no reason to panic. "The current moratorium has been brought into effect keeping the depositors' interest in mind and towards restoring their confidence. A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends," Kumar said in a statement issued by Yes Bank.

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Yes Bank was late on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account. The bank will also not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

The moratorium period will be in place until April 3, 2020. "The Bank is also taking the necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic," Kumar said.

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He also sought support from customers, adding, "Look forward to continued support from the depositors as an advisory to customers." The Mumbai-headquartered private sector lender said it remains available to address all queries and clarifications. "Depositors are requested to get in touch with the nearest branch for any assistance," it added.

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