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Relief for depositors: Yes Bank to resume full service from March 18

Yes BankYes Bank was recently in the headlines when a moratorium was imposed on it by the RBI on March 5. However on Monday, the bank informed that the bank will resume complete banking services from the evening of March 18.

“We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms,” tweeted the Bank.

In its moratorium, the RBI had restricted the withdrawals to Rs 50,000 per depositor. The RBI also superseded the Board and placed it under an administrator Prashant Kumar, former deputy managing director and CFO of State Bank of India (SBI).

On the other hand, Yes Bank NSE 45.21 percent will be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, NSE Indices said on Monday.  However, earlier a subsidiary of the National Stock Exchange (NSE), said in a statement that the changes wa scheduled to happen on March 27.

Finance minister Nirmala Sitharaman informed that the Union cabinet has approved the reconstruction scheme for Yes Bank that was suggested by the Reserve Bank.  Talking about the scheme, Sitharaman said besides SBI, ICICI Bank, Housing Development Finance Corp (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First have also joined the SBI-led consortium and invest in Yes Bank.

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