Yes Bank Customers Can Withdraw Money From Wednesday 6 P.M.
Police officers observe customers standing in line outside a Yes Bank Ltd. branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Yes Bank Customers Can Withdraw Money From Wednesday 6 P.M.


The rescue plan for Yes Bank Ltd. is proceeding as planned, the Reserve Bank of India said today, and depositors can make withdrawals from Wednesday evening.

While the lender has adequate liquidity, the central bank will intervene if required, governor Shaktikanta Das said at an RBI press conference in Mumbai.

Defending the steps taken on Yes Bank and expressing confidence in getting the intended outcomes, Das said the identity of the bank will be retained as a private sector lender. Despite the Yes Bank crisis, and the rapidly evolving coronavirus pandemic, the health of the banking system is good, he added.

In a tweet, Yes Bank also said customers will be able to access full banking services from Wednesday evening, as the moratorium would be lifted earlier in the day.

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

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.

"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 (netbanking/mobile banking, etc.)," it added.

Also Read: Yes Bank Rescue: Echoes Of The 1998 LTCM Bailout

Customers can also initiate "stop a payment" service, the lender said.

On Monday, Yes Bank shares rose 45.01 percent to Rs 37.05 apiece on the NSE while the benchmark Nifty 50 index fell 7.61 percent to end the day at 9,197.40 points.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.