Several days after the Reserve Bank of India (RBI) imposing moratorium upon India’s renowned Yes Bank, for the first time, it showed a ray of hope by resuming its IMPS and NEFT services. This recent development has, however, hints towards the moratorium being lifted in some time soon.
The Reserve Bank of India (RBI) along with the State Bank of India (SBI) has been mapping out plans to help out the private sector Yes Bank from troubled waters. This joint initiative seems to benefit the bank and will likely have the moratorium lifted by the end of this week or early next week.
The Reserve Bank of India (RBI) has taken up the matter and hopes to revive the bank before the moratorium runs out of time. A new scheme is in the talks to reconstruct the bank or its amalgamation, with the approval of the central government, keeping in mind the hardships customers might come face to face with.
Offering hope amidst the Yes Bank fiasco, on Tuesday, it declared that customers are allowed to make payments of their credit cards and loans through other banks. They also mentioned that ATM services of Yes Bank are functioning completely, and withdrawal of a stipulated amount of money can be done.
Yes Bank also tweeted on Tuesday, “Inward IMPS/NEFT services have now been enabled. You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation.”
As soon as Reserve Bank of India (RBI) came out with its moratorium decision on the Yes Bank, several customers complained about the disruption of internet banking services from third party banking platforms and impacted forex services such as credit card purchases.
Shares of Yes Bank that were consistently slumping, recovered a bit by 31.17% to ₹21.25 on the BSE on Monday, when Sensex crashed a whopping 1,941.67 points. State bank of India (SBI) has assured Yes Bank customers that they are doing everything in their power to end the moratorium period within this weekend, maybe even before the timeline set by the Reserve Bank of India (RBI).
Amidst panic-stricken customers hoovering at the gate of Yes Bank for withdrawal of their funds, RBI Governor Shaktikanta Das assured people of swift action and a scheme within a very short period, even less than 30 days time.
One week ago, on Thursday, the 4th of March, Yes Bank was put under a moratorium period of 30 days by the Reserve Bank of India (RBI) after a serious deterioration of financial position was reported. The Yes bank is also set to release its financial number of the December quarter, by the 14th of March.