It seems like the reconstruction plan of RBI to revive Yes Bank has worked successfully after getting multiple investments. There is a piece of good news for the customers having bank accounts in YES Bank. The Reserve Bank of India has assured Yes Bank customers that its services will once again start from 18th March at 6 pm.
RBI Governor Shaktikanta Das said that Yes Bank has enough cash and also advised state governments to not withdraw money from it. After this, people would be able to withdraw more than 50,000 rupees from the account and can use the online portal of yes Bank too!
Shaktikanta Das said that all the restrictions on Yes Bank would get lifted on 18th March and the new board of Yes bank will take administration on 26th March. Shaktikanta said that liquidity would be provided to the Bank if needed. Apart from this, he said that the money deposited by the customers in Yes Bank is entirely safe and no one needs to panic.
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LTRO (Long Term Repo Operation) will get implemented to enhance liquidity in the banking system. On 23rd March, RBI will put $ 2 billion into the market through dollar-rupee swapping. The private sector bank is in good health, and Yes Bank has sufficient cash. Yes Bank will be provided money as per requirement. Further Shaktikanta das stated that the cases of PMC and Yes Bank are different, and both of them cannot be compared.
YES Bank received multiple funding from potential investors
Potential investors like Bandhan Bank, ICICI Bank, SBI, Axis Bank and LIC came forward to invest in Yes Bank. Among all the investors, SBI has spent the most significant amount (7250 crores), which will help gain 49% shares. As per the reconstruction process initiated by Reserve Bank of India, three-fourth of the total investment capital will get locked for a tenure of 3 years.