Yes Bank Branches Look Deserted After Moratorium Lifts
A pedestrian walks past a Yes Bank Ltd. branch in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

Yes Bank Branches Look Deserted After Moratorium Lifts

Bookmark

A day after the moratorium on Yes Bank Ltd. was lifted, many of its branches bore a deserted look, partly amid fear of coronavirus infection.

The bank resumed full operations from 6 p.m. on Wednesday, after being under moratorium for 13 days.

PTI visited four branches of the private lender - two in the central suburb and two in Navi Mumbai, where hardly one to two customers were seen.

Also read: Madhu Kapur Sells 2.5 Crore Yes Bank Shares Worth Rs 161 Crore 

Panic has reduced as we know that this bank is not going to shut shop. The presence of an investor like SBI has given us confidence, said a customer.

On Wednesday evening, the bank in a tweet said all its banking services were operational and customers would be able to experience the full suite of services.

It has also extended banking hours for three days starting Thursday.

Also read: India Ratings Revises Yes Bank Ratings Watch To ‘Evolving’ From ‘Negative’

Under the Yes Bank reconstruction scheme, SBI along with seven financial institutions infused Rs 10,000 crore in the private lender.

SBI alone has invested Rs 6,050 crore into the bank.

Other investors include ICICI Bank and HDFC (Rs 1,000 crore each) Axis Bank (Rs 600 crore), Kotak Mahindra Bank (Rs 500 crore), Bandhan Bank, Federal Bank (Rs 300 crore each) and IDFC First (Rs 250 crore).

Also read: Yes Bank’s New Investors Sitting On Windfall Even Before Shares Are Issued

The RBI had put restriction on the troubled lender on March 5, 2020, under which customers of the bank were allowed to withdraw up to Rs 50,000 till April 3.

The government notified the Yes Bank reconstruction scheme last week.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.