Only one-third of Yes Bank’s customers withdrew more than ₹50,000 during the 12-day ban
- Only one-third of Yes Bank’s customers withdrew more than the ₹50,000 during the moratorium period, according to Yes Bank administrator
- He also noted that there has been more inflow than outflow of funds during the last four days.
- The moratorium placed on the troubled private bank by the Reserve Bank of India (RBI) will end tomorrow, March 18, at 6:00 pm.
“In the last four days, we had higher inflows than outflows,” he said during a press conference today, March 17. He also pointed out that only one-third of Yes Bank’s customers withdrew more than ₹50,000 since the moratorium came into effect on March 5.
The Yes Bank moratorium will lift on March 18 at 6:00 pm. Yesterday, March 16, the RBI governor told depositors that there is no rush to withdraw funds from their accounts.
“The depositor’s money is absolutely safe. There is no reason for undue worry. This is no need for rushing into withdrawing their deposits or their money which is with Yes Bank,” he said.
The one-month moratorium comes to an end
Once the moratorium is lifted on March 16, Kumar will be leading the board as chief executive and managing director of Yes Bank. Along with him, Sunil Mehta — former non-executive chairman of Punjab National Bank (PNB) — will be the non-executive chairman of Yes Bank and Mahesh Krishnamurthy will serve as the non-executive director.
The moratorium placed a ₹50,000 cap on all withdrawals from Yes Bank. Das lauded Yes Bank’s restructuring scheme as the “first of its time” with public and private banks partnering up to rescue another bank.
“In India — on earlier occasions, when there was the failure of a scheduled commercial bank — the usual method has been the amalgamation of the failed bank with a larger entity. This time we have not done so. The identity of Yes Bank is retained and the investors are the banks which have come forward,” said Das.
“Never in the banking history of India, depositors have lost money. Their interests have always been protected. The present scheme also protects the interest of depositors,” he added.
Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults
Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks
Finance Minister assures employment and salary at Yes Bank at least for one year
Popular on BI
- Ready to introduce same-day settlement of trades by March 2024: Sebi chief
- Grok AI chatbot to reach all English-language users in about a week: Musk
- What are the two climate declarations India has been hesitant to sign at COP28?
- This 400-million-year-old fossil is the oldest disease-causing fungus we've ever seen!
- 10 Best places to visit in India for New Year 2024